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With fraud charges against Nikola founder, US SEC head Gensler's SPAC pledge bears fruit

By Neil Roland ( July 29, 2021, 21:20 GMT | Insight) -- US Securities and Exchange Commission chief Gary Gensler’s promise to scrutinize special purpose acquisition companies yielded results today when criminal and civil fraud charges were filed against Trevor Milton, the founder of Nikola electric truck startup. Milton exploited Nikola’s merger through its “blank check” initial public offering to allegedly lie about “nearly all aspects” of the company’s business at a time last year when he would have been required to remain silent under rules of a traditional IPO, a federal grand jury indictment said US Securities and Exchange Commission chief Gary Gensler’s promise to scrutinize special purpose acquisition companies yielded results today when criminal and civil fraud charges were filed against Trevor Milton, the founder of Nikola electric truck startup....

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