Nikola’s Milton Indicted on New Fraud Charge as Trial Approaches

Nikola Corp. founder Trevor Milton, who is scheduled to go on trial next month on charges he misled investors about the company’s business prospects, was indicted for allegedly defrauding the previous owner of his Utah ranch, which Milton used as collateral for his bail.

In a superseding indictment on Wednesday, Milton was accused of scheming to defraud the sellers of the 4,678-acre Utah property, Wastach Creeks Ranch, with misleading statements about Nikola’s product, technology and business development. He also worked to “lull the sellers and postpone actions by the sellers that would bring Milton’s false and misleading statements to ...