{"id":6890,"date":"2021-07-30T22:45:35","date_gmt":"2021-07-30T22:45:35","guid":{"rendered":"http:\/\/TheNextWeb=1362530"},"modified":"2021-07-30T22:45:35","modified_gmt":"2021-07-30T22:45:35","slug":"founder-of-ev-startup-nikola-charged-with-misleading-investors","status":"publish","type":"post","link":"https:\/\/www.londonchiropracter.com\/?p=6890","title":{"rendered":"Founder of EV startup Nikola charged with misleading investors"},"content":{"rendered":"\n<div><img decoding=\"async\" src=\"https:\/\/img-cdn.tnwcdn.com\/image\/shift?filter_last=1&amp;fit=1280%2C640&amp;url=https%3A%2F%2Fcdn0.tnwcdn.com%2Fwp-content%2Fblogs.dir%2F1%2Ffiles%2F2021%2F07%2FNIKOLA.jpg&amp;signature=cbb85d0b1fae542eca6dde7f8a29e5c5\" class=\"ff-og-image-inserted\"><\/div>\n<hr>\n<p><span>A federal grand jury charged&nbsp;<\/span><span>Trevor Milton, founder and former chairman of EV startup <a href=\"https:\/\/nikolamotor.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Nikola<\/a>, with three counts of criminal fraud, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-07-29\/nikola-founder-charged-for-allegedly-misleading-investors?utm_campaign=socialflow-organic&amp;utm_content=business&amp;utm_medium=social&amp;cmpid=socialflow-twitter-business&amp;utm_source=twitter\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Bloomberg<\/a> reports.&nbsp;<\/span><\/p>\n<p><span>He\u2019s accused of lying about \u201cnearly all aspects of the business\u201d to increase stock sales of the electric vehicle startup, according to an indictment unsealed Thursday.<\/span><\/p>\n<p>Specifically, prosecutors charged him&nbsp;<span>with two counts of securities fraud, including making false statements about the electric truck company, and wire fraud.<\/span><\/p>\n<p>In a separate complaint filed the same day, t<span>he Securities and Exchange Commission commented the following:&nbsp;<\/span><\/p>\n<blockquote readability=\"7\">\n<p><span>Milton sold a version of Nikola not as it was \u2014 an early-stage company with a novel idea to commercialize yet-to-be proven products and technology \u2014 but rather as a trail-blazing company that had already achieved many groundbreaking and game-changing milestones.<\/span><\/p>\n<\/blockquote>\n<p><span>\u201cTrevor Milton is innocent,\u201d his lawyers said in a statement. \u201cThis is a new low in the government\u2019s efforts to criminalize lawful business conduct. Every executive in America should be horrified.\u201d<\/span><\/p>\n<p>Milton, who surrendered voluntarily to federal custody, pleaded<span>&nbsp;not guilty to the criminal charges in a Manhattan courtroom on Thursday afternoon.&nbsp;<\/span><\/p>\n<p>He was also freed on a $100 million bail secured by his&nbsp;<span>2,700-acre&nbsp;property<\/span><span>&nbsp;in Utah.<\/span><\/p>\n<p><span>Nikola has developed&nbsp;<\/span>hydrogen electric semi-trucks<span>&nbsp;aimed at the European market, while, last fall, the company announced a&nbsp;<\/span>partnership with General Motors<span>&nbsp;to develop a pick-up truck powered by Nikola\u2019s&nbsp;<\/span><span>hydrogen fuel cell<\/span><span>.<\/span><\/p>\n<p>But now the company\u2019s future seems rather ominous. Nikola\u2019s shares<span>&nbsp;closed down 15% on Thursday to $12.03, the biggest drop since January, while the stock is down 21% year-to-date.<\/span><\/p>\n<hr>\n<p><i><span>Do EVs excite your electrons? Do ebikes get your wheels spinning? Do self-driving cars get you all charged up?&nbsp;<\/span><\/i><\/p>\n<p><i><span>Then you need the weekly SHIFT newsletter in your life.&nbsp;<\/span><\/i><a href=\"http:\/\/hello.thenextweb.com\/shift\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><i><span>Click here to sign up<\/span><\/i><\/a>.<\/p>\n<p> <a href=\"https:\/\/thenextweb.com\/news\/trevor-milton-founder-ev-startup-nikola-charged-fraud-misleading-investors\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A federal grand jury charged&nbsp;Trevor Milton, founder and former chairman of EV startup Nikola, with three counts of criminal fraud, Bloomberg reports.&nbsp; He\u2019s accused of lying about \u201cnearly all aspects of the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":6891,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts\/6890"}],"collection":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6890"}],"version-history":[{"count":0,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts\/6890\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/media\/6891"}],"wp:attachment":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}