Trevor Milton, the founder of Nikola Corp. and onetime executive chairman of the electric-truck startup, was indicted Thursday on securities-fraud charges for allegedly lying to investors about its business making commercial trucks powered by alternative fuel, the Wall Street Journal reported. Milton, who resigned from the company last September, faces two counts of securities fraud and one count of wire fraud, according to an indictment made public yesterday. The 39-year-old faces a maximum 25-year prison term if convicted of the top securities-fraud charge. “In order to drive investor demand for Nikola stock, Milton lied about nearly every aspect of his business,” Manhattan U.S. Attorney Audrey Strauss said yesterday. The Securities and Exchange Commission also filed a civil complaint yesterday against Milton.
