Nikola founder Trevor Milton found guilty of securities fraud
Trevor Milton, the disgraced founder and former CEO of electric truck startup Nikola, was sentenced Monday to four years in prison for securities fraud.
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Nikola founder and ex CEO, Trevor Milton sentenced to 4 years for securities fraud, via Bloomberg#nikola #startup #ev #trucks pic.twitter.com/YxFY0701gv
— The_Journalbiz (@the_journalbiz) December 18, 2023
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The sentence caps a multi-year saga that at one point sent Nikola stock soaring 83% only to come crashing down months later over accusations of fraud and canceled contracts.
- The sentencing hearing comes after four separate delays, during which Milton has remained free under a $100 million bond.
In his ruling, the Judge said he would impose a sentence of 48 months on each count, served concurrently, and a fine of $1 million. Milton is expected to appeal the sentence, which Ramos acknowledged.
Milton sobbed as he pled with the Judge for leniency in a long and often confusing statement ahead of the sentencing. At one point, Milton said he stepped down from the CEO post at Nikola not because of fraud allegations, but to support his wife.
Milton, 41, was convicted by a jury in October 2022 of one count of securities fraud and two counts of wire fraud after he was found guilty of lying to investors about the development of Nikola’s electric trucks to inflate the company’s stock price.
