Late Friday evening, a Form-4 was filed with the SEC showing Nikola Corp. founder and former chairman Trevor Milton sold tens of millions of dollars in stock days after he pled not guilty to fraud charges following his arrest last week.
Milton's Form-4 was conveniently filed late Friday and detailed he sold 7.5 million shares around $10.01-$10.63 between Aug. 4-6, raising $77 million.
The embattled entrepreneur was charged with securities fraud on July 23 after it was revealed he lied to investors and lured them into believing the company had already developed working prototypes of its hydrogen truck.
Remember the company rolled one of the prototype trucks down a hill?
Even though Milton has stepped down as executive chairman of the company, he remains the largest shareholder.
Nikola shares were pumped and dumped last summer. Hindenburg Research was the first to allege that Milton was making false statements in a scathing report last fall, said: "We commend regulators for acting expediently to protect investors and hold Milton accountable for his egregious lies."
More selling by insiders than buying.
Recall, in November 2020, we wrote about allegations that Nikola used customer deposits for working capital purposes.