A federal jury has found Nikola founder and former CEO Trevor Milton guilty of fraud charges related to false claims about the company’s technology.

Milton was found guilty on one count of securities fraud and two counts of wire fraud. Sentencing is set for Jan. 27.

In July 2021, the U.S. Attorney’s Office for the Southern District of New York unsealed the criminal indictment charging Nikola founder Trevor Milton with securities and wire fraud. The indictment accuses Milton of defrauding and misleading investors about developments of products and technology by Nikola.

According to the indictment, Milton made false and misleading statements to nonprofessional investors through social media and television, print and podcast interviews. It alleges that Milton made those statements in an attempt to induce those investors to buy Nikola stock. Alleged false claims include Nikola had done the following:

• Had early success in creating a “fully functioning” semi-truck prototype known as the Nikola One, when Milton knew the prototype was inoperable.
• Engineered and built an electric- and hydrogen-powered pickup truck known as the Badger from the “ground up” using Nikola’s parts and technology, when Milton knew that was not true.
• Produced hydrogen and was doing so at a reduced cost, when Milton knew that in fact no hydrogen was being produced at all by Nikola, at any cost.
• Developed batteries and other important components in-house, when Milton knew that Nikola was acquiring those...

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