Nikola Corp. founder Trevor Milton was convicted of fraud for misleading investors in the electric truck company, a stunning downfall for the door-to-door salesman turned billionaire who promised to revolutionize the auto industry.
Milton, 40, was found guilty Friday of one count of securities fraud and two counts of wire fraud by a federal jury in Manhattan, in a boost to the U.S. Justice Department’s efforts to crack down on corporate crime. He was acquitted of a more serious securities fraud charge but still faces as many as 20 years in prison.
He briefly shook his head as the verdict was read out, raised his left hand to his face and looked back at the nearly two dozen family members and friends gathered in the benches behind him.
