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Nikola founder Trevor Milton found guilty of fraud

cnbc.com

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Re: Nikola founder Trevor Milton found guilty of fraud

#81

Post by agumonkey »

eunos wrote: post #76
agumonkey wrote: post #51

Earlier quoted context omitted.

I find these numbers a bit weak. Your life is not a flat basket of goods, it's more of a graph (pyramid would say maslow) and today it's hard to get a flat but easy to get Gbps link on your flagship smartphone, but it doesn't make your life great in the end.

>but it doesn't make your life great in the end. Are you willing to exchange that? That is have much cheaped rents relative to your income but your internet speed go down to sub Mbps.

Not joking: I'd do it right now. I find high bandwidth internet detrimental to my health.

Re: Nikola founder Trevor Milton found guilty of fraud

#82

Post by IshKebab »

rvz wrote: post #78
saberience wrote: post #70

Earlier quoted context omitted.

But this is basically due to Elons reckless tweeting. It’s quite different to faking the creation of an electric car like Trevor Milton. Elon may be guilty of being an idiot and not thinking before he tweets, but he pushed forward electric cars and rocketry more than any other person currently living I would say.

> But this is basically due to Elons reckless tweeting. It’s quite different to faking the creation of an electric car like Trevor Milton. Securities fraud is fraud. What you said doesn't refute anything on both of them committing securities fraud, which still makes them both fraudsters. Elon Musk didn't file his intentions with the SEC about what he said and he knew it was a lie to investors. > Elon may be guilty of…

There are clearly different levels of fraud. Completely faking a working car is obviously worse than tweets that break SEC rules.

The self-driving thing is worse than the tweets I would say, but nobody seems to care about it for some reason. Surely a class action lawsuit is due?

Re: Nikola founder Trevor Milton found guilty of fraud

#83

Post by IshKebab »

0xy wrote: post #12
europeanguy wrote: post #3

[flagged]

"We think we can do self driving in a year" (very unrealistic prediction) versus "we have a working truck prototype" (literally false). Being an optimist isn't fraud.

True, but I would say pre-selling FSD for years in the full knowledge that they wouldn't be able to deliver is is fraud.

Re: Nikola founder Trevor Milton found guilty of fraud

#84

Post by bigtex »

c7b wrote: post #14

I remember that company from an FT article where they were forced to admit that they'd let their trucks roll down a gentle slope for promotional videos to give the impression that they could drive. Not surprised by this outcome, good if they get caught, albeit a bit late.

Now we need to apply the same scrutiny to the paint it black video that Tesla put out years ago to make people think FSD was right around the corner.

Re: Nikola founder Trevor Milton found guilty of fraud

#85

Post by phatfish »

simonh wrote: post #24
keepquestioning wrote: post #11

I remember when some FAANG buddies of mine were gloating about gains made of NKLA. It reminded me no one gives a fuck if their money is made by corruption, fraud or unethical activity. The world is truly a "Fuck you, I've got mine" type of place. Never forget it, and never trust anyone. I see the same story playing out in the Celsius network crap.

It really isn’t. I’m kind of fed up with people, who live at a time of unprecedented wealth freedom and opportunity, complaining how bad things are while the state of the world around them improves dramatically. I was reading about poverty in the UK recently, the numbers are poor, but then I noticed that poverty is defined by a proportion of average wages. That means as wages go up, so does the poverty threshold. It…

I'm fed up with people saying, "it was much worse $x years ago, so stop moaning".

I'll bet you aren't struggling to feed your family, heat your home or pay your rent in this period of "unprecedented wealth freedom and opportunity" for the UK.

Re: Nikola founder Trevor Milton found guilty of fraud

#86

Post by simonh »

phatfish wrote: post #85
simonh wrote: post #24

Earlier quoted context omitted.

It really isn’t. I’m kind of fed up with people, who live at a time of unprecedented wealth freedom and opportunity, complaining how bad things are while the state of the world around them improves dramatically. I was reading about poverty in the UK recently, the numbers are poor, but then I noticed that poverty is defined by a proportion of average wages. That means as wages go up, so does the poverty threshold. It…

I'm fed up with people saying, "it was much worse $x years ago, so stop moaning". I'll bet you aren't struggling to feed your family, heat your home or pay your rent in this period of "unprecedented wealth freedom and opportunity" for the UK.

That's right I'm not. Not anymore an I know some people are. You've already read my comment where I say there are real problems in our society. There's more to do. But progress is possible and is happening, things aren't constantly getting worse, it is possible to address a lot of these issues.

Now is't the best time to be saying this, we're in for a tough winter, but modern western liberal society is the most powerful engine for making the world better humanity has ever had.

Re: Nikola founder Trevor Milton found guilty of fraud

#87

Post by fastball »

TheLoafOfBread wrote: post #26
0xy wrote: post #12

Earlier quoted context omitted.

"We think we can do self driving in a year" (very unrealistic prediction) versus "we have a working truck prototype" (literally false). Being an optimist isn't fraud.

Lol, so FSD is already working or is it still crashing left and right? But according to Musk it is solved problem since 2016 and you can buy it. This is not optimism, this is outright lying to sell something what does not exist. Also called fraud.

FSD is definitely not crashing left and right. How many crashes total do you think there have been on FSD?

Re: Nikola founder Trevor Milton found guilty of fraud

#89

Post by voakbasda »

sarchertech wrote: post #62
phpthrowaway99 wrote: post #57

Earlier quoted context omitted.

Oh yes, and when I paid my speeding ticket last week I proved I was smuggling drugs down the interstate.

Well he settled Securities Fraud charges, so it stands to reason there was likely securities fraud. He also had to step down as chairman, appoint 2 new independent directors, and appoint an independent board to oversee his public communications. If you paid a drug smuggling fine and as part of the process admitted to smuggling drugs, I might be inclined to label you a drug smuggler as well.

It is often cheaper to pay the fine than to fight it. A settlement is positively not an indicator of guilt.

In the US, over 90% of cases settle. Do you really think that they are all guilty, or maybe some of them are railroaded by the system and coerced to plea?

Let me answer that for you. Lots of innocent people plead to charges that they probably could beat, but the system has been corrupted beyond any reasonable hope of a fair trial.

Re: Nikola founder Trevor Milton found guilty of fraud

#90

Post by coffeeblack »

kgwgk wrote: post #52
coffeeblack wrote: post #49

Earlier quoted context omitted.

Maybe he did. But a letter of intent isn’t the same as a contract. Yet it warrants the statement “funding secured”.

Maybe he did... What we know for sure is that he settled with the SEC and that a court ruled recently that there was nothing concrete and that it was inaccurate to say so. "No reasonable jury could find that Mr. Musk did not act recklessly given his clear knowledge of the discussions." "There had been no discussion about what the purchase price would be for a share of stock. Nor had there been any discussion about wh…

“act recklessly”? So what’s fraught about that?
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