EV startup Nikola’s founder charged with misleading investors

In a 66-page complaint, the United States Securities and Exchange Commission laid out its case against Trevor Milton, 39, who led electric vehicle maker Nikola Corp until he stepped down in 2020.

Nikola Corp. founder Trevor Milton is in federal custody Thursday, charged with misleading investors about the state of the company, which he left in September. “Trevor Milton is innocent,” his lawyers said in a statement. “This is a new low in the government’s efforts to criminalize lawful business conduct. Every executive in America should be horrified.” Here are some excerpts from the U.S. Securities and Exchange Commission’s 66-page complaint against him, as well as the criminal indictment: