Nikola Corp. has reached a settlement with the Securities and Exchange Commission that will see the company pay $125 million over charges that it defrauded investors.
In July, the U.S. Attorney's Office in Manhattan charged Trevor Milton, the founder of Nikola, with two counts of securities and wire fraud. He pleaded not guilty to the charges and was released on $100 million bail. Milton also left his role as chairman of the company in September. Electric and hydrogen-powered truck startup Nikola has agreed to pay $125 million to settle charges that it defrauded investors by misleading them about its products, technical advancements, and commercial prospects. Above, Nikola founder Trevor Milton leaves a federal courthouse in New York, July 29, 2021.Nikola also went public through something called a special purpose acquisitions company, or SPAC, a vehicle that is getting increased scrutiny from the SEC and other regulators.
Source: Energy Industry News (energyindustrynews.net)
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