Trevor Milton: Lying about “nearly all aspects of the business”
- Nikola truck EV start-up founder Trevor Milton charged with two counts of securities fraud and one count of wire fraud.
- The U.S. Attorney’s Office claims that Milton that “made false claims regarding nearly all aspects of Nikola’s business
- Trevor Milton is innocent; (lol) this is a new low in the government’s efforts to criminalize lawful business conduct. Every executive in America should be horrified.
Trevor Milton is an American millionaire and the founder and former executive chairman of Nikola Corporation. In September 2020, Milton resigned from his position as chairman after the U.S. Securities and Exchange Commission and Department of Justice began investigating claims that Milton and Nikola committed securities fraud. In July 2021, Milton was indicted by federal prosecutors on three counts of fraud.
Trevor Milton arrested
Nikola electric truck start-up founder, Trevor Milton is being charged with three counts of criminal fraud after a federal grand jury indicted him on Thursday morning. Prosecutors allege the 39 year old billionaire devised a scheme to make false and misleading statements about his company’s technology in order to drive up their stock value.
In the criminal indictment, the U.S. Attorney’s Office claims that Milton that “made false claims regarding nearly all aspects of Nikola’s business” for a number of years, and also that Milton targeted retail investors from platforms like Robinhood in an effort to encourage them to buy the stock, including those who had no prior experience in the market.
“Trevor Milton is innocent”
Read the full statement from Milton’s legal team:
“Trevor Milton is innocent; this is a new low in the government’s efforts to criminalize lawful business conduct. Every executive in America should be horrified.
Trevor Milton is an entrepreneur who had a long-term vision of helping the environment by cutting carbon emissions in the trucking industry.
Mr. Milton has been wrongfully accused following a faulty and incomplete investigation in which the government ignored critical evidence and failed to interview important witnesses.
From the beginning, this has been an investigation in search of a crime. Justice was not served by the government’s action today, but it will be when Mr. Milton is exonerated.”
Milton was charged with one count of wire fraud, and two counts of securities fraud on Thursday, turning himself in for arrest and processing. The U.S Attorney’s Office points out that the penalties are extremely harsh: Wire fraud: 20 years in prison; and securities fraud up to 25 years each, if convicted respectively – Milton may be facing a maximum sentence of 55 years!