CEO and founder of U.S. Nikola, Trevor Milton speaks during presentation of its new full-electric and hydrogen fuel-cell battery trucks in partnership with CNH Industrial, at an event in Turin, Italy December 2, 2019.
Trevor Milton, founder of EV start-up Nikola, was indicted on three counts of criminal fraud by the U.S. Attorney's Office in Manhattan for allegedly lying about "nearly all aspects of the business," according to a grand jury indictment unsealed Thursday.
Prosecutors charged the billionaire, who resigned as chairman in September, with two counts of securities fraud, including making false statements about the company, and wire fraud.
Milton, who was the company's largest shareholder, was held roughly $8.5 billion in Nikola stock at the height of the company's value.
Shares of Nikola were down by more than 9% during premarket trading to less than $13 a share.
Nikola, Trevor Milton, Milton
U.S, CNH, EV, Attorney's, Prosecutors
Turin, Italy, Manhattan