A federal jury found that Trevor Milton had defrauded investors by allegedly making false statements about the products and technologies his company had access to. Bloomberg reports that Milton was found guilty of one count of securities fraud and two counts of wire fraud, while beating one of the more serious securities fraud charges. As other tech industry CEOs have discovered, the things you say on Twitter can land you in a courtroom. Milton used the social media platform to make many of the claims that might put him behind bars. Federal prosecutors claim that Milton lied about “nearly all aspects of the business” after it was announced his company’s stock would be publicly listed (via CNBC).
Nikola went public in June 2020 and had a higher value than Ford at one point. As he was and still is the biggest shareholder, Milton’s own net worth went up with the share price — peaking in the billions — though it has now dropped back into the millions. Milton will find out exactly how much time he will spend in prison when he returns to court for sentencing in January 2023.
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