Trevor Milton, the founding father of Nikola Motors, an vitality automotive startup, sold 11.7 million shares in two transactions that ended Tuesday that collectively amounted to $131 million, per regulatory filings.
The sale follows any other round of disposals that Milton started in August of this year, fair weeks after pleading no longer guilty to charges that he misled investors. Those gross sales agree with been value about $153 million and, taken collectively, imply that the founder has sold round $184 million value of Nikola inventory since August, stories Bloomberg.
The gross sales note the open of a criminal indictment that accuses Milton of deceptive investors and making fallacious statements regarding nearly about all aspects of Nikola’s industry.
Following allegations from a rapid-seller that Nikola was an “intricate fraud,” Milton stepped down from his suppose as CEO in September 2020. An investigation by the U.S. Division of Justice adopted and Milton was later indicted on fraud charges.
Prosecutors divulge that, among assorted things, when Milton tweeted to the arena that the hydrogen-powered Badger pickup truck would manufacture potable water and its maintain windshield washer fluid, he had no longer consulted the company’s engineers. He allegedly regarded up whether his claims agree with been that you’ll be in a position to factor in days later on the rep.
Earlier this month, Nikola revealed that it would possibly possibly additionally fair pay the authorities $125 million in civil penalties for its goal in the case, pending approval from SEC commissioners. On the equivalent time, the company stated that it meant to search round out repayment from Milton “for prices and damages in connection with the authorities and regulatory investigations.”
“With possibilities of an SEC settlement, we’re searching ahead to resolving the prominent factors pertaining to to our founder and bringing that chapter to a conclude and declaring our point of interest on turning in trucks to our possibilities and constructing the vitality, provider, and red meat up infrastructure our possibilities want,” stated most modern Nikola CEO Imprint Russel, at the time.