Washington, DC CNN —Nikola founder Trevor Milton was convicted Friday by a U.S. jury of fraud in a case alleging he lied to investors about the electric and hydrogen fuel cell company’s technology. The jury found Milton guilty on a count of securities fraud and two counts of wire fraud after deliberating for roughly five hours. Milton was acquitted on another count of securities fraud. He also was accused of defrauding the seller of a Utah ranch, who accepted Nikola stock options as part of the purchase price based on Milton’s claims about the company. Milton, who called the report criticizing Nikola a “hit job,” and “lies,” resigned from his position as Nikola chairman in Sept. 2020.

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