NKLA - Nikola's former CEO is on trial for lying about the company

The U.S. fraud trial of former Nikola Corporation ( NASDAQ: NKLA ) CEO Trevor Milton will begin in Manhattan on Monday with jury selection.

Milton is facing charges of the founder of deceiving and lying to investors about the hydrogen-powered truck maker's technology starting in November of 2019. He also stands accused of defrauding the seller of a Utah ranch, who accepted Nikola stock options as part of the purchase price for the property based on Milton's claims.

Milton has pleaded not guilty to two counts of securities fraud and two counts of wire fraud. His defense is expected to be that he had no intent to defraud investors and that other top executives at Nikola approved of his Milton's statements about Nikola. The trial is expected to last four or five weeks

For its part, Nikola ( NKLA ) paid a civil penalty of $125M last year without admitting wrongdoing to settle a fraud investigation by the SEC.

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