A jury of nine women and three men will hear the federal fraud case against Nikola founder Trevor Milton.
Jury selection consumed the full first day of the trial on Monday. The panel and four alternates were sworn in and will hear opening statements Tuesday in the U.S. District Court for the Southern District of New York.
Prosecutors said their opening will last 15-20 minutes. Milton’s defense team said its opening would take 20-25 minutes. Both sides appeared to know which prosecution witnesses would be called first. But the identities were not made public in open court.
Milton faces two securities fraud and two wire fraud counts for allegedly lying about Nikola technology to inflate the company’s stock price and entice novice retail investors. One count pertains to Milton’s statements about the future value of Nikola stock options he offered in partial payment for a Utah ranch.
If convicted, the 40-year-old Milton could face up to 25 years in prison. He did not speak as he left court Monday, free on $100 million bail.
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