French Company LaFarge and the Islamic State

 https://www.hjnews.com/nation/french-company-islamic-state/image_4d122757-ca36-520b-98c1-060e8e781319.html

NEW YORK (AP) — French cement company Lafarge pleaded guilty Tuesday to paying millions of dollars to the Islamic State group to keep a plant operational in Syria — at a time when the militant group was engaged in torturing kidnapped Westerners — and agreed to pay roughly $778 million in penalties.

The Justice Department described it as the first case of its kind, accusing the company of turning a blind eye to the conduct of the Islamic State as the militant group gained new territory and as Syria was mired in a brutal civil war. The company's actions, already investigated by French authorities, occurred before it merged with Swiss company Holcim to form the world’s largest cement maker.

Magali Anderson CEO of LaFarge pleading guilty on behalf of the company. 
Artwork by Elizabeth Williams

United States District Judge William Kuntz addressing Magali Anderson 
Courtroom art by Elizabeth Williams 

Justice Department officials described it as the first instance in which a company has pleaded guilty to conspiring to provide material support to a foreign terrorist organization. Lafarge and a long-defunct Syrian subsidiary entered the plea, agreeing to criminal fines of $90.78 million and a forfeiture of $687 million.

Magali Anderson CEO of LaFarge standing during hearing speaking to Judge Kuntz

Nikola founder Trevor Milton found guilty of fraud: Courtroom Artwork by Elizabeth Williams

https://www.cnbc.com/2022/10/14/nikola-nkla-founder-trevor-milton-found-guilty-of-fraud-.html

Trevor Milton looking at jury while verdict is read
courtroom sketch by Elizabeth Williams 

Trevor Milton, the founder and former chairman and CEO of electric heavy truck maker Nikola, was found guilty in federal court Friday of three of four counts of fraud relating to false statements he made to drive up the value of Nikola’s stock.

Milton was charged with two counts of securities fraud and two counts of wire fraud, all related to statements he made about Nikola’s business while he was chairman and CEO of the company. Jurors found him guilty on one count of securities fraud and both of the wire fraud counts.

Assistant US Attorney Jordan Estes Summation
courtroom sketch by Elizabeth Williams 

“Trevor Milton lied to Nikola’s investors — over and over and over again. That’s fraud, plain and simple,” said Damien Williams, the U.S. Attorney for the Southern District of New York. Williams said that the case against Milton should “serve as a warning” to others who make misrepresentations to investors.

“It won’t end well,” he said.

WIlliams’ office in Manhattan had alleged that Milton lied about “nearly all aspects of the business” he founded in 2014 during his time leading the company. Those lies, prosecutors said, were intended to induce investors to bid up the price of Nikola’s stock.

“On the backs of those innocent investors taken in by his lies, he became a billionaire virtually overnight,” Assistant U.S. Attorney Nicolas Roos said in his opening statement in September.

Judge Ramos reading jury instructions before deliberation
courtroom sketch by Elizabeth Williams 

Nikola’s stock price briefly surged to over $90 per share in June 2020, just days after it went public via a merger with a special purpose acquisition company. For a short period, Nikola — a company with no revenue — was more valuable than century-old Ford Motor.

That ambitious valuation didn’t last. Nikola’s shares fell sharply once Milton was forced out of the company in September 2020, after the company’s board of directors found that some of the fraud allegations made by short-seller Hindenburg Research had merit.

The U.S. Department of Justice and the Securities and Exchange Commission both opened investigations in the months following Milton’s departure. In July 2021, a grand jury indicted Milton on three counts of fraud; a fourth count was added in June 2022.

 Milton will be sentenced on Jan. 27. He faced up to 25 years in prison if convicted on all four counts.