Nikola founder criminal charges puts other SPACs on notice


Trevor Milton, founder and former-CEO of Nikola Corp., exits the Manhattan Federal Courthouse following an appearance in New York City, U.S., July 29, 2021.

Eduardo Munoz | Reuters

Federal officials used charges against Nikola founder Trevor Milton to send a warning to Wall Street about two of its hottest areas of growth: special purpose acquisition companies and retail investors.

In announcing the indictment, officials warned retail investors against being persuaded by “a friend or a fast-talking salesman” about investing in a company. They also made it clear that SPACs are in their crosshairs. Milton became an overnight billionaire when he took his company public through a SPAC deal in…


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