Trevor Milton, ex-CEO of electric truck maker Nikola, begins fraud trial
source link: https://finance.yahoo.com/news/trevor-milton-ex-ceo-electric-151848432.html
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
Trevor Milton, ex-CEO of electric truck maker Nikola, begins fraud trial
S&P 500
4,100.89+33.53(+0.82%)Dow 30
32,344.86+193.15(+0.60%)Nasdaq
12,221.38+109.07(+0.90%)Russell 2000
1,895.75+12.90(+0.69%)Crude Oil
88.03+1.24(+1.43%)- 1,743.80+15.20(+0.88%)
Silver
19.98+1.21(+6.46%)EUR/USD
1.0138+0.0092(+0.91%)10-Yr Bond
3.3120-0.0090(-0.27%)GBP/USD
1.1704+0.0117(+1.01%)USD/JPY
142.2700-0.2940(-0.21%)BTC-USD
22,224.39+553.00(+2.55%)CMC Crypto 200
523.40+7.25(+1.41%)FTSE 100
7,473.03+121.96(+1.66%)Nikkei 225
28,542.11+327.36(+1.16%)
Trevor Milton, ex-CEO of electric truck maker Nikola, begins fraud trial
Trevor Milton, the founder and former CEO of electric truck maker Nikola, is standing trial on federal charges of wire and securities fraud starting Monday after allegedly misleading investors about the company's technological and production capabilities.
Nikola is among many electric vehicle startups that have struggled financially and operationally since going public via a special purpose acquisition merger (SPAC); Nikola merged with VectoIQ in June 2020 with a $29 billion valuation. Milton's trial serves as a warning to risk-loving investors who would throw money at a company before it starts delivering products or bringing in revenue.
The fraud trial will begin with a jury selection in Manhattan federal court. Jurors will be shown the infamous Nikola marketing video that shows a truck appearing to drive on its own power. In reality, it was rolling down a hill.
Prosecutors have accused Milton of deceiving investors since November 2019. The former CEO left the company in September 2020 following a report by Hindenburg Research calling the company a fraud. The controversy also resulted in a $125 million penalty from the U.S. Securities and Exchange Commission. Nikola's stock collapsed, resulting in serious losses for investors.
The trial is expected to last four or five weeks. Milton has pleaded not guilty and is being represented by Marc Mukasey, who has represented the Trump Organization, and Edward Gallagher, a Navy SEAL who was accused of war crimes in Iraq.
Nikola is still operating today and has started production of its battery-powered Tre truck at the company's Arizona factory. The company reported a net loss of $173 million on sales of $18 million during the second quarter of 2022.
ReutersJury selection begins in U.S. trial of Nikola founder Trevor Milton
NEW YORK (Reuters) -The U.S. fraud trial of Trevor Milton, the founder and former chief executive of Nikola Corp who prosecutors accuse of lying to investors about the electric- and hydrogen-powered truck maker, began on Monday in New York with jury selection. Prosecutors have said Milton sought to deceive investors about the company's technology starting in November 2019. Milton, 40, has pleaded not guilty to two counts of securities fraud and two counts of wire fraud in federal court in Manhattan.
7h ago
BloombergNikola Founder Milton Faces New York Jury in His Toughest Sales Job
(Bloomberg) -- Trevor Milton sold investors on the idea his company was building the truck of the future. Now, he’ll have to persuade a jury his alleged lies weren’t material.Two years after he abruptly resigned from the board of Nikola Corp. -- the company he started -- Milton is set to go on trial in New York on securities fraud and wire fraud charges, facing a maximum prison term of 25 years if convicted of the most serious charge.Milton, who founded Nikola in 2014, built the startup into a c
3h ago
Yahoo Finance VideoLegal proceedings against former Nikola CEO begin in New York
Yahoo Finance's Alexis Keenan breaks down the latest news surrounding Nikola and Twitter legal cases.
58m ago
The IndependentTrump's lawyers call Mar-a-Lago probe 'misguided'
Lawyers for former President Donald Trump say a criminal investigation into the presence of top-secret information has “spiraled out of control
3h ago
ReutersCanada's Conservatives pick populist in bid to oust Trudeau's Liberals
Canada's Conservatives on Saturday picked Pierre Poilievre, a veteran parliamentarian who has promoted bitcoin as way to fight inflation, to spearhead the party's bid to oust the Liberals and Prime Minister Justin Trudeau. Poilievre, 43, won leadership in the first round of a ranked ballot vote in which more than 400,000 members cast votes. Poilievre becomes the sixth Conservatives leader since 2015, a period in which they have lost three elections to Trudeau.
2d ago
AutoblogBMW i4 M50 2022 walkaround review and reaction
In the bad old days of EVs — B.M., perhaps, for “Before Musk” — automakers’ plug-ins were cobbled together and compromised. Companies took existing ICE models, and stuffed them with bulky, primitive batteries wherever they could, including cargo areas. The result was compliance-car dreck like the Toyota RAV4 EV; or models like a Volkswagen e-Golf, a solid driver rendered moot by sub-100-mile driving range that got even worse on winter-jacket mornings. The 2022 BMW i4 is not that car, despite sharing the bones of a 4 Series Gran Coupe. From starship-baiting performance and fast-charging acumen to a competitive price, the i4 — like the equally magical Ford F-150 Lightning — upends old engineering assumptions. E.g., that an EV based on a modified ICE platform couldn’t be great, simply by dint of those shared genes. Or, that an EV built on a stand-alone electric architecture must be de facto superior, again by dint of that purportedly uncompromised approach. (See the Volkswagen ID.4, that generically styled dud of the ongoing electric revolution, for evidence to the contrary). Unlike some luxury competitors, BMW is hedging its bets. BMW’s optimistic forecast is that 50% of global sales can be EVs by 2030; especially if its future, EV-only “Neue Klasse” architecture takes off, beginning around 2025. In the mean time, BMW is utilizing a platform that can accommodate ICE or PHEV powertrains, a development that raised some industry eyebrows. BMW, which must sell cars in 140 countries — including markets that will surely be slower to transition to electricity — has refused to be boxed in and declare a date for swearing off fossil-fueled cars. “We’ve gotten some flak for not committing to that,” said BMW spokesman Tom Plucinsky. “We think, and we’ve said, that the market worldwide will eventually go electric, and Neue Klasse is the next step towards that. But in the shorter term, we need the flexibility.” There are certainly some pros of stand-alone electric architectures, including on the brilliant-driving BMW iX. BMW acknowledges the i4 pays some penalties for platform sharing, including a curb weight that sneaks over 5,000 pounds in i4 M50 guise (there’s also the eDrive40 entry model). But the i4/Gran Coupe’s “CLAR” architecture — its central floor now updated to house higher-density batteries — brings its own advantages. The idea traces to 2015 and the first CLAR-based model, the 7 Series: A versatile, mixed-materials approach (including carbon fiber) that could support ICE, PHEV or full EVs. Critically, all three can be built on a single assembly line, giving BMW instant flexibility as consumer tastes change, gas prices swing or regulatory winds blow. Customers clamoring for EVs? Crank ‘em up. ICE models holding their own? Ditto. “When you have a plant dedicated to a specific car, if it really catches on, you’re limited in how many you can produce,” Plucinksy says. “Or, you’re below factory capacity and not as efficient. “10 years is a very short time in automotive terms, with our seven-year product cycles. There are things you just can’t just turn around and change.” Makes sense, especially given the rampant unpredictability of our world in 2022. Another advantage: If an automaker can build every powertrain in a single factory, on a shared platform, it can spread costs and revenues around — helping to nurture or subsidize EVs as the growing baby of the family — without unduly starving the mature, revenue-generating side of the business. I’m a need-for-speed driver, so the i4 makes the choice easy for me. As with the Lightning, driving the i4 M50 elicited this reaction: Why would anyone want the gasoline version? Like a Lightning, Rivian or Lucid Air, the 536-horsepower i4 M50 rewires your brain for expectations of performance. Picture a 382-horsepower M440i Gran Coupe — already a potent sports sedan — only insanely faster, quieter and smoother. Picture the pace of a 503-hp M3 or M4 Competition (and faster for passing), but less flinty and hyperactive, for thousands of dollars less. All that comes in a familiar, fluid 4 Series GC shape, with a rich interior, just-right seats, new iDrive 8.0 infotainment (with dramatic Curved Screen displays and massive head-up display), and versatile hidden-hatchback layout. It’s so good that even the grille’s bloated kidneys — like a codpiece for some cheesy German metal band — elicit a “whaddaya gonna do?” shrug. The closed, plastic-shielded grille integrates a 10-position air flap to reduce drag. For more visit https://www.autoblog.com/2022/06/10/2022-bmw-i4-first-drive/ #bmw #bmwi4 #bmwi4m50
1h ago
NASCAR.comPole-sitter Reddick suffers issue, contacts the wall at Kansas
Watch as Tyler Reddick has a flat tire while leading the NASCAR Cup Series race and smacks the wall at Kansas Speedway, ending his day early.
20h ago
CoinDeskUS Inflation Data Could Test Bitcoin’s Rally
The price of bitcoin gained 15% over the weekend as traders wait for positive U.S. inflation data.
33m ago
The Fayetteville Observer'Military-directed move': What are the costs of Fort Bragg's substandard barracks?
Fort Bragg officials showed the barracks.
4h ago
AutoblogToyota Supra manual transmission review and reaction
Well purists, prepare to be engaged. The 2023 Toyota Supra can now be had with a six-speed manual transmission. Admittedly, only with the 3.0-liter inline-six and not the base four banger, but you didn’t want that thing anyway. Set off the fireworks, call your dealer, prepare to write angry comments that Toyota didn’t use one of its own manuals from a Corolla or something. Nope, the new six-speed manual is the product of ZF, the same German transmission supplier responsible for, you guessed it, BMW transmissions of all shapes and gear numbers (along with those of many other car companies). Toyota Motor Europe worked with ZF to adapt an existing transmission for a higher-torque engine (almost certainly the manual available in the European-market four-cylinder Z4), engineer a larger clutch and reinforce the diaphragm spring. The final drive ratio was shortened (3.46 versus 3.15) and Toyota says it also set the shift lever ratio to minimize the effort required to shift. The end result is a gearbox that certainly feels Germanic, but with shorter, more precise throws than we’ve come to expect from BMW’s historically rubbery and notchy manuals. It moves through ratios with a gentle guide from your thumb or forefingers, but possesses enough heft and slots into gear with enough resistance to feel appropriate for a sports car’s manual transmission. Perhaps the best way to describe it is the midpoint between a BMW and a GR86 gearbox. It’s quite good. The gearbox may be German, but the lever that operates it is pure Supra. Toyota says it worked hard to fine-tune the exact spherical shape of the shift lever. And bravo, because the little leather-wrapped cue ball fits perfectly in your hand atop its thin metal stalk. It looks and feels like something that should be in a car that starts at $53,595, including destination, or the same price as the equivalent automatic car. If there’s one thing, dear Toyota purists, for which you should be thankful the Supra inherited from the Bavarians is its pedal placement. The brake and accelerator are close enough to simply roll the ball of your foot over from left to right in order to heal-toe downshift. In a Corolla, you have to do the literal, old-school, ankle-disjointing heal-toe maneuver thanks to pedals as far apart as a Tundra’s. Of course, the Supra comes standard with iMT, which is Toyota speak for automated rev-match downshifting. Put the clutch in under braking and the car will automatically blip the throttle in anticipation of you dropping a gear. It works very well, especially on a track, to eliminate the chance for user error or when wanting to impress girls with “your” awesome rev-match throttle blipping (right before attempting a swoon-inducing handbrake turn, which admittedly will be hard since the Supra still has an electronic e-brake button). Turning off iMT requires using the Sport Individual drive mode setting. Besides the welcome new transmission, Toyota retuned the traction control system to deal with the increased likelihood of wheelspin due the combination of manual gearbox and human being. We didn’t get a chance to test it, but there’s also a new “Hairpin+” function that allows more wheelspin “when taking tight bends on an uphill gradient of more than 5% with a high-friction road surface.” The Supra also hits well with men in scoring position after the 8th inning while playing in Baltimore against a pitcher named Stanley. Every 2023 Supra then gets a revised stability control system to reduce the chance of snap-off oversteer, which has been a crusade for the engineering team since the car’s original development. Engineers also retuned the electric power steering and gave the suspension revised shocks that Toyota says improve roll balance and ride comfort. We actually got a chance to drive a 2022 Supra on the hour-long journey to Utah Motorsports Campus, but not on the track itself. Meanwhile, we only got to drive the new manual-blessed Supra on the track and therefore not on actual roads. So if there’s a difference for 2023, we didn’t notice but were hardly put in a position to notice. Along those lines, the track was perfectly acceptable, but was arguably not the ideal venue for this Supra because a manual transmission makes it … well, slower. If you really want to turn in faster laps, the automatic is still the way to go even if there’s still no Sport+ mode. Acceleration is quicker, as the 382-horsepower 3.0-liter twin-turbo inline-six is good for a 0-60 time of 3.9 seconds as opposed to the new manual’s 4.2. And again, there’s the matter of user error. You don’t have to worry about a computer bouncing off the rev limiter, messing up a shift or doing something stupid with the clutch. Rather than worrying about all that stuff, the driver can focus more easily on the steering and chassis. Put it all together, and there’s a reason race cars don’t have clutch-operated six-speed manuals. #toyota #supra #toyotasupra
1h ago
Delaware Online | The News JournalPolice make arrest in Georgetown Royal Farms assault that left man critically injured
The victim is in critical condition and police are investigating the case as an attempted murder. Anyone with information is asked to contact police.
2h ago
Motley Fool1 Stock-Split Stock Set to Soar 112% From Its 52-Week Low, According to Wall Street
Stock splits have been a hot topic this year. Amid the market downturn fueled by economic uncertainty, investors are desperate for good news, and forward stock splits have bullish implications. Building on that, Cowen & Co. analyst John Blackledge raised his price target on Amazon (NASDAQ: AMZN) to $215 in late July, roughly two months after the company completed a 20-for-1 stock split.
1d ago
ReutersUkraine probing emergency exports of thermal coal to Poland - Kyiv
In an evening address, Zelenskiy also said he had ordered that work be speeded up on upgrading a power transmission line from Ukraine's Khmelnytskyi nuclear plant to Poland. Ukraine and Poland are increasing this year's production of thermal coal, the most polluting fossil fuel, preparing for colder months as Europe grapples with an energy security crisis exacerbated by the war in Ukraine.
2d ago
SmartAssetWhich Type of Financial Advisor Can Save You The Most Cash?
A certified public accountants (CPA) can help you minimize taxes, while a financial advisor can help you grow your wealth. A CPA is one type of financial advisor who focuses on tax issues and proper accounting procedures. There are other … Continue reading → The post CPA vs. Financial Advisor: Which Do You Need? appeared first on SmartAsset Blog.
4h ago
MarketWatchKim Jong Un says North Korea will never give up its nukes and pledges to maintain first-strike capacity
North Korean leader Kim Jong Un says his country will never abandon the nuclear weapons and missiles it needs to counter hostilities from the United States, which he accused of pushing a pressure campaign to weaken the North’s defenses and eventually collapse his government.
2d ago
CoinDeskCrypto Fund LedgerPrime Planning to Refund Outside Investors
The FTX-owned fund is transitioning to a family office structure
2h ago
Palm Beach Daily NewsJudge sentences former Jupiter teacher to prison; woman sues school board
Daniel Heath Norment, 41, started at Independence Middle School in 2016, after previously working at Palm Springs Middle School starting in 2012.
51m ago
The New York TimesAs Russians Retreat, Putin Is Criticized by Hawks Who Trumpeted His War
As Russian forces hastily retreated in northeastern Ukraine on Saturday in one of their most embarrassing setbacks of the war, President Vladimir Putin was at a park in Moscow, presiding over the grand opening of a Ferris wheel. “It’s very important for people to be able to relax with friends and family,” Putin intoned. Sign up for The Morning newsletter from the New York Times The split-screen contrast was stunning, even for some of Putin’s loudest backers. And it underscored a growing rift bet
1d ago
Associated Press100 years after compact, Colorado River nearing crisis point
The intensifying crisis facing the Colorado River amounts to what is fundamentally a math problem. The 40 million people who depend on the river to fill up a glass of water at the dinner table or wash their clothes or grow food across millions of acres use significantly more each year than actually flows through the banks of the Colorado. In fact, first sliced up 100 years ago in a document known as the Colorado River Compact, the calculation of who gets what amount of that water may never have been balanced.
3h ago
MarketWatchGilead's stock jumps 5% after setting patent case related to HIV therapies
Shares of Gilead Sciences Inc. were up 5.2% in premarket trading on Monday after the company said in a securities filing that it settled a patent case that extends the exclusivity of its HIV franchise. The drug cited in the case is tenofovir alafenamide, which is included in the formulation of several Gilead therapies, including Biktarvy and Truvada. Gilead said it agreed to a non-exclusive license with several generic drug manufacturers - Cipla Ltd. , Lupin Ltd. , Apotex Inc., Macleods Pharmace
4h ago- Motley Fool
Warren Buffett Is Piling Into These 2 Beaten-Down Stocks
Warren Buffett's company Berkshire Hathaway has invested in some stocks this year trading at rock-bottom valuations.
3h ago - Yahoo Finance Video
President Biden ramping up China export restrictions, analysts slash semiconductor estimates
Yahoo Finance Live anchors discuss reports that President Biden is ramping up China export restrictions.
3h ago - Motley Fool
Nio's Sales Are Still Growing, But That's Not Enough for the Stock
Nio (NYSE: NIO) recently reported its second-quarter results, and there were a couple of things the company should be proud of. Mainly, the company's revenue and vehicle sales saw significant increases from the year-ago quarter. In the recent past, climbing revenue and rising vehicle sales would have likely sparked positive sentiment among electric vehicle investors.
7h ago - Motley Fool
Why Apple Stock Popped Monday Morning
Shares of Apple (NASDAQ: AAPL) climbed higher on Monday, adding as much as 3.5%. Wedbush's Daniel Ives has been keeping a close eye on Apple's website and notes that delivery times have quickly been pushed out to mid-October for the more expensive iPhone 14 Pro models, while the remaining preorders will take at least three weeks to process and wait times are quickly getting longer, according to The Fly. Ives noted that not only are iPhone 14 orders tracking ahead of his expectations, but consumers are ordering more Pro and Pro Max models, which will drive up the average selling price (ASP) for Apple.
36m ago - Simply Wall St.
Energy Transfer (NYSE: ET) is a Solid Combination of Yield and Value
Some analysts argue that the oil sector is experiencing the tobacco market treatment in the 1990s. The public sentiment is negative, yet most are still consuming those products. However, despite all the efforts and sustainability plans, global economies are still very much addicted to oil and natural gas – enabling companies like Energy Transfer LP (NYSE: ET) to pay out hefty dividends to their shareholders.
4h ago - Insider Monkey
Jim Cramer Just Turned Bullish on These 10 Stocks
In this article, we discuss the 10 stocks that Jim Cramer just turned bullish on. If you want to read about some stocks in the Cramer portfolio, go directly to Jim Cramer Just Turned Bullish on These 5 Stocks. There are few finance personalities on television that have garnered as much of a fan-following as […]
4h ago - Motley Fool
The Next Bull Market Is Coming: 2 Growth Stocks Down 68% and 74% to Buy Now
The tech-heavy Nasdaq Composite is currently 24% off its high, putting the index in bear market territory, and many individual stocks have fallen even further. For instance, Roku (NASDAQ: ROKU) and Shopify (NYSE: SHOP) are down 68% and 74%, respectively. Roku is the most popular streaming platform in the U.S., Canada, and Mexico as measured by viewing hours.
3h ago - MarketWatch
A second leg down for the bear market in stocks would expose 3 ‘naked swimmers.’ That won’t be pretty.
Miller Tabak + Co.'s chief market strategist Matt Maley has his eye on three troubled areas of financial markets right now. He thinks investors need to be looking at them too.
4h ago - Motley Fool
3 Dividend Stocks That Billionaires Warren Buffett and George Soros Both Own
Billionaires buy dividend stocks for the same reasons other people do. Of course, they also prefer that their stocks grow as well as pay dividends. Here are three dividend stocks that billionaires Buffett and Soros both own.
7h ago - Yahoo Finance Video
Bristol-Myers Squibb stock moves higher after FDA approval for its psoriasis drug
Yahoo Finance Live anchors discuss stock performance for Bristol-Myers Squibb amid FDA drug approval.
3h ago - Zacks
The Zacks Analyst Blog Highlights Qualcomm, TotalEnergies, S&P Global, PayPal and Boeing
Qualcomm, TotalEnergies, S&P Global, PayPal and Boeing are included in this Analyst Blog.
7h ago - Motley Fool
Should You Buy Carnival Before It Rallies?
Carnival (NYSE: CCL) (NYSE: CUK) experienced its very worst time when the pandemic forced its ships to shore. Concerns about higher interest rates and a weakening economy are weighing on the shares these days. Considering future prospects, should you buy Carnival before it rallies?
7h ago - Zacks
Zacks Investment Ideas feature highlights: Ford Motor, General Motors and Tesla
Ford Motor, General Motors and Tesla have been highlighted in this Investment Ideas article.
7h ago - Zacks
Zacks Industry Outlook Highlights Teva, Dr. Reddy's and Sol-Gel
Teva, Dr. Reddy's and Sol-Gel have been highlighted in this Industry Outlook article.
8h ago - Motley Fool
Okta Is Pushing for Profitability: Time to Buy the Stock?
Okta (NASDAQ: OKTA) is ready to shift its focus away from just growth. The identity-management specialist made the announcement of this pivot after telling investors it might not achieve some of its ambitious long-term financial goals. Let's look at whether that new focus makes the stock a buy today, given Okta stock's over 70% price slump since the start of 2022.
8h ago - Yahoo Finance
Stock market news live updates: Stocks extend gains as investors await CPI report
U.S. stocks rose Monday as Wall Street inched closer to highly-anticipated inflation data this week.
3h ago - Motley Fool
Is Viatris Stock a Buy Now?
Pharmaceutical businesses spend billions of dollars developing medicines that they then protect with a fortress of intellectual property (IP) safeguards to make sure that competitors can't benefit from their work. But if you're not looking for dividend payments, it's hard to see how it would outperform the market, since it isn't engaged in a high-growth niche, nor is it planning to make significant innovations that would give it an edge over the competition.
3h ago - Motley Fool
4 Ultra-High-Yielding Passive Income Stocks To Buy With $1,000
Real estate investing is one way anyone can start making passive income. You don't need a lot of money to begin investing in income-producing real estate: Congress made it accessible to everyone by creating real estate investment trusts (REITs) in 1960. Four top REITs for those seeking to collect passive income are EPR Properties (NYSE: EPR), STORE Capital (NYSE: STOR), Medical Properties Trust (NYSE: MPW), and W.P. Carey (NYSE: WPC).
1d ago - Motley Fool
Is This EV and Tech Industry Supplier the Next Megagrowth Stock?
A rare special purpose acquisition company (SPAC) stock from 2020 that's actually holding its own during the current bear market, MP is a top producer of rare earth materials that could have some advantages over its peers. Las Vegas-based MP Materials is the only rare earth materials mine in North America. This puts MP in a unique position.
6h ago - Investor's Business Daily
15 Stocks Billionaire Investors Agree It's Smart To Buy Now
Big investors are famous for breaking rank from the S&P 500 crowd. So when you see a few agreeing on a stock, it's worth paying attention.
5h ago
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK