Green Car Entrepreneur Convicted of Securities Fraud and Remittance – Do you stand out for it?
Essay by Eric Worrall
Trevor Milton, the founder of Nikola, who claims to have developed prototypes of electric and hydrogen cars, has been found guilty of deceiving investors.
Trevor Milton, founder of Nikola, found guilty of fraud
Via Matt McFarlandCNN Business and Reuters
Update 6:30 p.m. EDT, Friday, October 14, 2022Washington, DCCNN –
Nikola founder Trevor Milton was found guilty on Friday of fraud by a US jury in a case that accused him of lying to investors about the hydrogen and electric fuel cell company’s technology.
The jury found Milton guilty of one count of securities fraud and two counts of wire fraud after deliberation for about five hours. Milton was acquitted of another securities fraud charge. Milton is likely to face years in prison.
Prosecutors have accused that Milton made false and misleading statements about “nearly all aspects of the business,” including that Nikola had a fully working prototype even though Milton knew it did not. operable. Milton also claimed that Nikola built an electric and hydrogen-powered pickup truck from scratch with Nikola parts and technology, though failed to do so, according to prosecutors.
“Trevor Milton lied to Nikola’s investors – time and time again. It’s fraud, plain and simple,” said US Attorney Damian Williams speak in a statement after the ruling was made. “Let this case be a warning to those who play fast, let go of the truth to make investors split money. It will not end well.”
…
Read more: https://edition.cnn.com/2022/10/14/business/trevor-milton-nikola-verdict/index.html
I doubt this will be the last case of green fraud. In my view, political desperation for progress and the sheer magnitude of government money that easily plunges into the hydrogen, EV and renewable industries is likely to attract scammers like moth rushed into the fire.
Related
