Indictment Filed Against Nikola Founder Trevor Milton for Three Instances of Fraud (Update)

In a shocking turn of events, Trevor Milton, the founder of Nikola Corporation, has been indicted on three counts of criminal fraud. The US Attorney's Office accused Milton of two counts of securities fraud and one count of wire fraud.

Milton entered custody yesterday and is scheduled to appear in court later today. His bail has been set at an impressive $100 million.

The Securities and Exchange Commission (SEC) has also filed civil securities fraud charges against Milton. The charges include lies about nearly all aspects of Nikola's business to bolster stock sales. The SEC is asking the US District Court to bar Milton from acting as an officer at a company that issues securities, disgorge all ill-gotten gains, and pay a fine.

Nikola has distanced themselves from their former chairman, stating that they are cooperating fully with the authorities. The company's stock dropped as much as 11% following the announcement of the charges against Milton.

Milton's legal team has issued a statement, claiming that the investigation into him was faulty and incomplete. They argue that the government ignored critical evidence and failed to interview important witnesses. The team also states that the government's actions are a new low in criminalizing lawful business conduct.

The statement does not mention Nikola or its stock price, focusing instead on Milton's belief in justice and his wrongful accusation. It also suggests that the investigation into him was motivated by a search for a crime, rather than justice.

Trevor Milton, an entrepreneur with a vision to help the environment by cutting carbon emissions in the trucking industry, should forfeit all property traceable to the commission of the offenses, which could include over $1 billion earned during the company's public debut.

Reports suggest that after being released from prison, Milton was reported to have been hiding for several months in a toy store following his escape. However, these reports have not been confirmed.

As the story unfolds, it remains to be seen how this development will impact Nikola Corporation and the future of electric vehicle technology.

Indictment Filed Against Nikola Founder Trevor Milton for Three Instances of Fraud (Update)