Trevor Milton, the founder and former chairman and CEO of electric heavy truck maker Nikola, was found guilty in federal court on Friday of three of four counts of fraud relating to false statements he made to drive up the value of Nikola's stock.
Milton was charged with two counts of securities fraud and two counts of wire fraud, all related to statements he made about Nikola's business while he was chairman and CEO of the company. Jurors found him guilty on one count of securities fraud and both of the wire fraud counts.The U.S. Attorney's Office in Manhattan had alleged that Milton lied about "nearly all aspects of the business" he founded in 2014 during his time leading the company.
"On the backs of those innocent investors taken in by his lies, he became a billionaire virtually overnight," Assistant U.S. Attorney Nicolas Roos said in hisNikola's stock price briefly surged to over $90 per share in June 2020, just days after it went public via a merger with a special-purpose acquisition company. For a short period, Nikola – a company with no revenue – was more valuable than century-oldThat ambitious valuation didn't last.
Imagine a world in which the SEC does it’s fucking job.
That's normal in these circles - Fake it till you make it. Somebody didn't get their cut!
Now do Congress
The stock market - controlled by insiders - corrupt to the core
$ChenGuim Cashapp ✅✅✅✅✅✅✅🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻🙏🏻👍👍👍👍👍👍👍
So do we get some money back if we lost money when their price tanked? Asking for a friends girlfriend 🥸
Corporate Greed!! The American way
This is what they do. I’m not surprised. Most of these corporate executives are crooks.
Thats right
10 years for you trev
Sounds like most of crypto . If only they register crypto securities like they should with the SEC
😆
Bye bye trevor
The jury is clearly a bunch of trolls
Thought that was normal behavior these days