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NEW YORK (AP) — U.S. prosecutors added a brand new wire fraud cost to their case Wednesday accusing Trevor Milton, the founder and former CEO of Nikola Corp., of defrauding traders by mendacity concerning the electrical truck maker. and hydrogen.

The brand new cost considerations Milton’s alleged plan from April 2020 to March 2021 to defraud sellers of a property generally known as Wasatch Creeks Ranch by making false and deceptive statements about Nikola’s product, expertise and enterprise growth.

Milton beforehand pleaded not responsible to two counts of securities fraud and one rely of wire fraud concerning the statements he created from November 2019 to September 2020 about Nikola.

His trial is scheduled for July 18 in federal court docket in Manhattan.

Milton’s attorneys didn’t instantly reply to requests for remark. US Lawyer Damian Williams’ workplace in Manhattan didn’t instantly reply to an identical request.

Milton’s legal case is among the many most high-profile involving an organization that went public after merging with a particular function acquisition firm, or SPAC. Critics say the method is susceptible to conflicts of curiosity and shoddy due diligence.

Nikola went public in June 2020. Authorities stated Milton misled traders concerning the firm in social media posts, tv appearances and podcast interviews designed to spice up his share worth and bolster his stature as an entrepreneur.

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