Playing greed corp in windowed mode2/19/2023 ![]() ![]() Allen Ferrell, Harvard University law professor, testified as a defense witness Monday in Trevor Milton’s fraud trial. The use of Nikola stock options as partial payment for one of the properties is integral to the fourth count filed in June. He is free on $100 million bond, secured by two ranches he owns in Utah. The claims in the report led Milton to resign as executive chairman and give up his board seat. The stock price cratered after a scathing report by short seller Hindenburg Research in September 2020. The contention countered the prosecution’s claim that Milton’s interviews and tweets, which Nikola executives were unable to stop despite changing the company’s social media passwords, had artificially inflated Nikola shares in the weeks after it went public in June 2020. Ferrell said Securities and Exchange Commission filings are far more relevant in tracking stock price movement. He was asked about the correlation between social media and the performance of stock prices.įerrell testified that in more than 400 hours of study, he found no relationship between the two. The defense questioned Harvard University law professor Allen Ferrell. Harvard professor: SEC filings, not podcasts, move stocks He allegedly lied about the electric truck startup’s technology achievements to lure retail traders to invest in the company’s stock.ĭuring three weeks of testimony from prosecution witnesses, Milton was described as a voracious user of social and business media to talk up the company he founded in 2015. Milton faces four charges of wire and securities fraud. An episode of “American Greed” about Milton airs Tuesday evening on business channel CNBC. Jurors now also have to avoid the first of what may be several television accounts. Ramos has repeatedly told the jury of nine men and three women to avoid reading about the case. Separately, Milton told Ramos he does not plan to testify in his own defense. Another delay is possible if Mukasey does not test negative by next week. District Judge Edgardo Ramos said the trial would resume next Tuesday. 11 because defense attorney Marc Mukasey tested positive for COVID-19.Īfter initially banning Mukasey from the federal courthouse in Manhattan, New York, U.S. With the defense less than a day from resting its case in the federal fraud trial of Nikola founder Trevor Milton, the judge stopped proceedings until Oct. ![]()
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