Nikola founder Trevor Milton faces new federal fraud charge tied to ranch purchase

Quick Summary

Trevor Milton is facing a new federal fraud charge tied to his purchase of a Utah ranch.

They accuse him of using Nikola's deal to go public via a special purpose acquisition company to target amateur retail investors, some of whom lost hundreds of thousands of dollars.

In December, Nikola agreed to pay the Securities and Exchange Commission $125 million to settle charges it defrauded investors by misleading them about its products, technical capacity and business prospects.

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Category: Business

Topics: Climate Technology Business News Articles Source:tagname:CNBC US Source Nikola Corp Transportation Autos Cnbc

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-22, 20:02:31

News Timezone: GMT -5:00

News Source URL: cnbc.com

Language: English

Reading Time: 4 minutes read

Article Length: 555 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 4333

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