“A federal grand jury charged Nikola founder Trevor Milton with three counts of criminal fraud for lying about “nearly all aspects of the business” to bolster stock sales of the electric vehicle start-up, according to an indictment unsealed Thursday.”
Nearly all aspects of the business. That’s the prosecutors’ phrase, not a short seller’s. Milton became a billionaire by taking Nikola public through a SPAC, and prosecutors say he aimed the hype at amateur investors. Some of them lost hundreds of thousands of dollars. He kept the billions.