Nikola founder Trevor Milton found guilty of fraud over statements he made while CEO of the EV company

The founder and former chairman and CEO of Nikola was found guilty on Friday of three counts of fraud relating to false statements he made to drive up the value of the company's stock.

Two counts of securities fraud and two counts of wire fraud were charged against the former chairman and CEO of the company. He was found guilty on two counts of wire fraud.

If he was found guilty on all four counts, he would face up to 25 years in prison.

According to the U.S. Attorney's Office, the founder of the company lied about almost all aspects of the business. Prosecutors said the lies were intended to cause investors to bid up the price of the stock.

The assistant U.S. attorney said in his opening statement that the man became a billionaire on the back of innocent investors.

Just days after it went public via a merger with a special-purpose acquisition company, the stock price jumped to over $90 per share. A company with no revenue was more valuable than a century-old one.

It didn't last. After the company's board of directors found that some of the fraud allegations made by short-sellers had merit, the company's shares fell sharply.

The Securities and Exchange Commission and the U.S. Department of Justice opened investigations after Milton left. A fourth count was added to the indictment in June of 2022.

The charges weren't faced by the man in this case. Civil charges were brought against the company by the SEC. After agreeing to pay a $125 million fine, the charges were resolved in December. The company had cutTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkiaTrademarkia