Trevor Milton, who led the E.V. company Nikola, goes on trial on fraud charges.Credit…Eduardo Munoz/ReutersThe founder of Nikola Motor, a maker of electric trucks, is standing trial on fraud charges in a case seen as a cautionary tale about the hazards of investing in companies that are not yet generating any sales or delivering any products.The defendant, Trevor Milton, faces federal charges of fraud and securities fraud stemming from accusations that he exaggerated the company’s technology, leading to crushing losses for people who bought Nikola stock before it collapsed.The trial, expected to last four or five weeks after getting underway with jury selection on Monday, is being held at U.S. District Court in Manhattan. Mr. Milton has pleaded not guilty. He is being represented by Marc Mukasey, who has represented the Trump Organization and Edward Gallagher, a member of the Navy SEALs who was accused of war crimes in Iraq.In 2020, Nikola was briefly worth more on the stock market than Ford Motor amid investor fervor about the upstart’s potential to become the Tesla of the trucking industry.Nikola’s shares fell sharply after reports that Mr. Milton had made false claims about Nikola’s technology, including producing a video in which a truck was rolled down …
