NEW YORK – Nikola Corp founder Trevor Milton on Friday was convicted by a U.S. jury of fraud in a case alleging he lied to traders concerning the electrical automobile firm’s know-how.

The jury discovered Milton responsible on one rely of securities fraud and two counts of wire fraud after deliberating for round 5 hours. Milton was acquitted on a further rely of securities fraud.

Throughout the trial in federal courtroom in Manhattan, prosecutors depicted Milton, 40, as a “con man” who sought to deceive traders concerning the electric- and hydrogen-powered truck maker’s know-how beginning in November 2019.

Milton, of Oakley, Utah, was indicted in July 2021. He left Nikola in September 2020 after a report by brief vendor Hindenburg Analysis referred to as the corporate a “fraud.”

Prosecutors accused Milton of utilizing social media and interviews on tv, podcasts and in print to make false and deceptive claims about Nikola’s vehicles and know-how.

They stated Milton’s improper statements included that Nikola constructed an electric- and hydrogen-powered “Badger” pickup from the “floor up,” developed batteries in-house that he knew it was buying elsewhere and had early success in making a “Nikola One” semi-truck he knew didn’t work.

Milton’s statements about Nikola got here as the corporate joined the mounting variety of tech and EV firms going public by particular function acquisition automobiles or SPACs. He additionally was accused of defrauding the vendor of a Utah ranch, who accepted Nikola inventory choices as a part of the acquisition value primarily based on Milton’s claims concerning the firm.

The protection and the prosecution delivered closing arguments to the jury on Thursday in a trial that started on Sept. 13. The prosecution stated Milton was obsessive about the corporate’s inventory value and made the statements to inflate it and his personal web price. The protection stated prosecutors had distorted Milton’s statements about Nikola’s plans to shake up the automotive trade.