The court rejects Nikola founder's proposal to dismiss or move the US's criminal fraud case based on a recent rejection of a 'City of a crime' bid by the president of the United States

The court rejects Nikola founder's proposal to dismiss or move the US's criminal fraud case based on ...

U.S. judge refused to dismiss a federal indictment accusing Nikola Corp's (NKLA.O) billionaire founder Trevor Milton of fraud. He was accused of destroying the company's technology to exploit fuel energy and hydrogen powered vehicles, according to Reuters.

Milton's claim that he shouldn't have been indicted in New York for securities fraud and wire fraud, because his alleged lies were in Arizona and Utah, where he lives, and the case was in place there, and if there were any other cases, the case had been in the case.

The Manhattan-based judge said that Milton, 39, could be tried in New York if he traded Nikola Stock and communicated false statements to the state.

Ramos said other factors supported the case in New York, even if Milton wanted to make the wife of his wife, who according to court papers has an autoimmune disorder and other "severe" health issues.

Lawyers for Milton didn't immediately respond to comments from the indictment and plan to seek dismissal on substantive grounds.

Nikola hasn't been accused of wrongdoing.

Authorities said that Milton used a blitz of social media and TV and podcast interviews to drive Nikola's stock price over nearly a year.

Prosecutors said he wrongly claimed that Nikola had built an electric and hydrogen-powered pickup from the ground up, developed batteries he knew and was buying elsewhere, and was making progress on the truck prototype he knew didn't work.

Milton founded the Phoenix-based Nikola in 2014, and was chief executive until June 2020, when it went public after fusion with a special-purpose acquisition company.

SPACs are investment vehicles that allow sponsors to take private companies public faster than initial public offerings - but critics say prone to sloppy due diligence and conflict of interest.

In the hope that the naive pyjama have become highly valued, like Tesla Inc (TSLA.O), Elon Musk, and other vehicles and startups have used SPACs. At this point, their IPOs may raise the market value of Tesla's large capital gains market share, such as Tesla Inc (TSLA.O) and Tesla Inc (Sympto, the NASDAQ-YXP), or an increased valuation of high market valuations, might lead to a market valuation if

Prosecutors also are investigating electric truck maker Lordstown Motors Corp (RIDE.O) about its SPAC and statements about its vehicle pre-orders.

The case is U.S. v Milton, U.S. District Court, Southern District of New York, No. 21-cr-00478.

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