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Nikola founder Milton freed on $100M bail after fraud arrest
Source: Associated Press
Nikola founder Milton freed on $100M bail after fraud arrest
By LARRY NEUMEISTER
July 29, 2021
NEW YORK (AP) — The founder and one-time executive chair of Nikola Corp. was freed on $100 million bail Thursday after pleading not guilty to charges alleging he lied about the electric and hydrogen-powered truck startup, duping novice investors including some financially struggling people looking for income during the pandemic.
Trevor Milton, 39, of Oakley, Utah, resigned from Nikola in September amid allegations of fraud. At the time, Milton said he would defend himself against accusations that the company made false claims about its vehicles, allegations Nikola rejects.
In an unsealed indictment Manhattan federal court, Milton was charged with securities and wire fraud.
At an arraignment, Milton pleaded not guilty. He was released on $100 million bail, secured by two Utah properties, including one that a prosecutor said was recently appraised at $36 million. Magistrate Judge Sarah Netburn ordered him not to contact investors unless he had an independent relationship with them.
-snip-
By LARRY NEUMEISTER
July 29, 2021
NEW YORK (AP) — The founder and one-time executive chair of Nikola Corp. was freed on $100 million bail Thursday after pleading not guilty to charges alleging he lied about the electric and hydrogen-powered truck startup, duping novice investors including some financially struggling people looking for income during the pandemic.
Trevor Milton, 39, of Oakley, Utah, resigned from Nikola in September amid allegations of fraud. At the time, Milton said he would defend himself against accusations that the company made false claims about its vehicles, allegations Nikola rejects.
In an unsealed indictment Manhattan federal court, Milton was charged with securities and wire fraud.
At an arraignment, Milton pleaded not guilty. He was released on $100 million bail, secured by two Utah properties, including one that a prosecutor said was recently appraised at $36 million. Magistrate Judge Sarah Netburn ordered him not to contact investors unless he had an independent relationship with them.
-snip-
Read more: https://apnews.com/article/technology-business-securities-fraud-a1c7fb9466019f5a134188bf259bc449
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