Nikola founder sentenced to four years in prison
By Luke Willetts - 15th January 2024
Trevor Milton, arriving to court in New York
USA – After a long and arduous trial in New York, Trevor Milton, founder of the U.S. electric truck startup Nikola Corporation, was finally sentenced to four years in prison, convicted of fraud after persistently lying to investors and the general public about the capabilities of Nikola’s EV products and technologies. Specifically, Milton misled investors to drive investor demand. Furthermore, Milton engaged in securities and wire fraud in connection with his scheme.
The sentencing comes after Nikola paid USD 125m to resolve fraud claims brought by the U.S. Securities and Exchange Commission in 2021. The company's shares now trade for less than USD 1, down from a peak of USD 60 in June 2020.
