Trevor Milton, the founder of Nikola Corp. and onetime executive chairman of the electric-truck startup, was indicted Thursday on securities-fraud charges for what prosecutors said was a scheme to mislead investors about the company’s product and technology development.
Mr. Milton faces two counts of securities fraud and one count of wire fraud, according to the indictment. The U.S. attorney’s office in Manhattan, which brought the charges, is set to make an announcement about the indictment on Thursday morning.
