Trevor Milton, founder of electric truck startup Nikola, hit with securities fraud charges

Prosecutors say Nikola founder Trevor Milton's misleading statements targeted retail investors.

Trevor Milton, the billionaire founder of electric truck manufacturer Nikola, was hit with securities fraud charges from federal prosecutors in New York City on Thursday. In a nearly 50-page indictment, prosecutors accused Milton of preying on vulnerable retail investors who had turned to trading after losing income due to the pandemic. In some cases, these victims lost their retirement savings, authorities said, as they outlined his web of false promises related to an electric truck that was never operable. "Milton's scheme targeted individual, non-professional investors -- so-called retail investors -- by making false and misleading statements," the indictment said. Milton is in custody and due to appear later Thursday.