The trial comes two years after Milton abruptly resigned from the company’s board, following scrutiny once Nikola listed its shares in June 2020. Nikola shares tumbled about 24% in the two days following the report. The allegations in the Nikola report by Nate Anderson’s Hindenburg, published in September 2020, captured Wall Street’s attention. “You want some more money, don’t you?” Caruso asked. Lackey also acknowledged that he is part of a whistle-blower group that made a complaint about Nikola to the US Securities and Exchange Commission and that he could reap further compensation from an award for that role. Read More: Nikola Contractor Couldn’t Believe His Eyes When He Saw Video “I’m not sure it’s a lot of money in this room, but it was a blessing to me,” Lackey said. “I did ultimately receive that money,” Lackey acknowledged.Ĭaruso observed that $600,000 could be “a life-changing amount of money.” “I was not trying to use it to make money,” Lackey said.Ĭaruso pressed on, asking if Lackey hadn’t used it to make $600,000. “But that’s exactly what you did, didn’t you?” Caruso asked. Milton watched intently from the defense table in the lower Manhattan courtroom, hands clasped.Ĭaruso asked Lackey about a statement he made that he wasn’t using his knowledge to make money. Lackey, a key government witness, took the stand on Wednesday for a second day of testimony, now under a fiery cross-examination by defense attorney Kenneth Caruso. The defense has called the case “a prosecution by distortion.” The US alleges that Milton, 40, lied to investors again and again to make Nikola look better than it was and pump up the stock. He said he gave short seller Hindenburg Research information in exchange for a share of its profits from shorting the company’s shares. ![]() Paul Lackey, an engineer at the electric-drive systems company EVDrive that did contract work for Nikola, was testifying under questioning by the defense in the criminal trial of Nikola founder Trevor Milton. ![]() contractor whose allegations of fraud at the electric truck maker helped spur a criminal investigation told a federal jury he made $600,000 off a short seller’s report on the company.
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