NKLA - Nikola founder is charged with another crime ahead of trial

The Department of Justice charged Nikola Corporation (NASDAQ:NKLA) founder Trevor Milton in a superseding indictment of defrauding the prior owner of his Utah ranch. Milton is already scheduled to go on trial next month on charges he generally misled investors about the state of Nikola's (NKLA) business. The new charge made the claim that real estate developer Peter Hicks was misled by Milton about the status of Nikola when he was given the option to purchase more than 515,000 shares of Nikola at the strike price of $16.50 each as part of the sale of the ranch. Nikola's (NKLA) stock subsequently plunged Milton was indicted and Milton's representations were said to be untrue. The case is relevant to current Nikola (NKLA) shareholders with Milton still the top owner of the battery-electric vehicle maker with a stake of 49.3M shares. That tally is 11.7% of all the outstanding shares per data

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Nikola founder is charged with another crime ahead of trial