Trevor Milton, the founder of electric truck maker Nikola Corp has been indicted on charges of offering bogus and misleading expressions to investors, the U.S. Department of Justice said on Thursday.
From November 2019 to September 2020, the indictment said that Milton conspired to swindle investors into purchasing Nikola shares through articulations about the company’s product and technology development.
Nikola didn’t quickly react to demands for input.
Last September, Hindenburg Research said in a paper that it was short-selling Nikola stock and marked the company a “fake”, a charge it denied.
In February, Nikola unveiled, following a survey by an external law office, that both it and Milton had offered a few expressions that were half-truth or totally false.
