Trevor Milton is facing a new federal fraud charge tied to his purchase of a Utah ranch.
Prosecutors said Milton built an intricate scheme designed to pump up the company's stock for his own gain by lying about Nikola's products, technology, and future sales prospects. They accuse him of using Nikola's deal to go public via a special purpose acquisition company to target amateur retail investors, some of whom lost hundreds of thousands of dollars.
Many of the allegations regarding Milton's allegedly false and misleading statements were first uncovered by short-seller Hindenburg Research. However, following an internal investigation, Nikola said in February that it found Milton made several inaccurate statements from 2016 through the company's IPO that misled investors in June 2020.
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