Trevor Milton, the founder of Nikola, was sentenced to four years in prison for fraud. In October 2022, he was found guilty of securities and wire fraud, facing up to 60 years in prison. Prosecutors asked for an 11-year sentence and a $5 million fine, while the defense argued for probation. U.S. District Judge Edgar Ramos told Milton, “I believe the jury got it right.” Milton claimed innocence, but prosecutors accused him of lying about the company’s stock value, electric truck, pre-order reservations, hydrogen fuel production, and battery tech. Despite the scandal, Nikola plans to resume deliveries of its electric truck in 2024 after a costly recall. The company’s stock price has dropped significantly, with investors reportedly losing over $660 million. Milton is likely to appeal the conviction, as he has already requested a new trial.
Nikola Founder Trevor Milton Receives Four-Year Prison Sentence
