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The founder and one-time executive chair of Nikola Corp. was freed on $100-million bail Thursday after pleading not guilty to charges that he lied about the electric- and hydrogen-powered truck start-up, duping novice investors including some financially struggling people looking for income during the pandemic.
Trevor Milton, 39, of Oakley, Utah, resigned from Nikola in September amid allegations of fraud. At the time, Milton said he would defend himself against accusations that the company made false claims about its vehicles, allegations that Nikola rejects.
In an indictment unsealed in Manhattan federal court, Milton was charged with securities and wire fraud.
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