Shocking I tells ya..just shocking!
Nikola electric-truck prototypes were powered by hidden wall sockets, towed into position and rolled down hills, prosecutors say
The founder of the much-hyped electric truck manufacturer Nikola Corp. has been charged with lying to investors about the supposed technological breakthroughs the company had achieved in order to drive up its stock price, federal prosecutors announced Thursday.
Trevor Milton, 39, is accused of claiming that his company had successfully manufactured working prototypes of electric trucks and pickup trucks that would turn the industry on its head, when he had, in fact, never built anything.
“At the bottom, this a very simple case: Milton told lies to generate popular demand for his stock,” said Audrey Strauss,, the U.S. Attorney for the Southern District of New York.
Prosecutors said Milton was taken into custody Thursday in Manhattan and was later released on a $100 million bond. His attorney, Marc Mukasey, said in an email: “Trevor Milton is innocent. He’s been wrongfully accused after a faulty and incomplete investigation. He will be exonerated after trial.”
In a statement, Nikola said that the indictment was against Milton and not the company, and noted that he had not been involved in the business since last year.
Nikola electric-truck prototypes were powered by hidden wall sockets, towed into position and rolled down hills, prosecutors say
The founder of the much-hyped electric truck manufacturer Nikola Corp. has been charged with lying to investors about the supposed technological breakthroughs the company had achieved in order to drive up its stock price, federal prosecutors announced Thursday.
Trevor Milton, 39, is accused of claiming that his company had successfully manufactured working prototypes of electric trucks and pickup trucks that would turn the industry on its head, when he had, in fact, never built anything.
“At the bottom, this a very simple case: Milton told lies to generate popular demand for his stock,” said Audrey Strauss,, the U.S. Attorney for the Southern District of New York.
At public events, the prototype vehicles were towed into position and were powered by plugs leading from hidden wall sockets, prosecutors said.
Milton resigned from Nikola in September as it emerged that the justice department had opened a probe into the startup and its founder over possible false claims. Milton has previously tweeted that he intended to defend himself against “false allegations.”Prosecutors said Milton was taken into custody Thursday in Manhattan and was later released on a $100 million bond. His attorney, Marc Mukasey, said in an email: “Trevor Milton is innocent. He’s been wrongfully accused after a faulty and incomplete investigation. He will be exonerated after trial.”
In a statement, Nikola said that the indictment was against Milton and not the company, and noted that he had not been involved in the business since last year.
