Disgraced Nikola founder Trevor Milton gets 4-year sentence for lying about EVs
Enlarge / Trevor Milton, founder of Nikola Corp., arrives at court in New York on Monday, Dec. 18, 2023. Milton is set to be sentenced on Monday after being found guilty of securities fraud and wire fraud in October 2022. (credit: Bloomberg / Contributor | Bloomberg)
The disgraced founder and former CEO of the "zero emissions" truck company Nikola, Trevor Milton, was sentenced to four years in prison on Monday, Bloomberg reported.
That's a lighter sentence than prosecutors had requested after a jury found Miltonguilty of one count of securities fraud and two counts of wire fraud in 2022. During the trial, Milton was accused of lying about nearly all aspects of the business," CNBC reported.
From 2016 to 2020, Milton's "extravagant claims"were fueled by a desire to pump up the value of Nikola stock, The New York Times reported. He was accused of misleading investors about everything from fake prototypes of emission-free long-haul trucks to billions worth of supposedly binding orders for hydrogen fuel cells and batteries that were never shipped. In a sentencing memo, prosecutors said that Milton targeted "less sophisticated investors," the Times reported, engaging "in a sustained scheme to take advantage of" their inexperience.