Trevor Milton was convicted of fraud for exaggerating claims about his company’s progress in producing trucks fueled by electricity or hydrogen.
NEW YORK — The wealthy founder of Nikola Corp. was convicted on Friday of charges he deceived investors with exaggerated claims about his company’s progress in producing zero-emission 18-wheel trucks fueled by electricity or hydrogen.
At trial, the government had portrayed Milton as a con man while his lawyer called him an inspiring visionary who was being railroaded by overzealous prosecutors.Those prosecutors alleged that Nikola — founded by Milton in a Utah basement six years ago — falsely claimed to have built its own revolutionary truck that was actually a General Motors Corp. product with Nikola’s logo stamped onto it.
“The lies — that is what this case is about,” prosecutor Matthew Podolsky told the jury in closing arguments Thursday.
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