Founder of Nikola electric trucks sentenced to 4 years for fraud
Kyiv • UNN
Trevor Milton, the founder of Nikola Electric Trucks, was sentenced to 4 years in prison and a $1 million fine for fraud. He was found guilty of securities and bank account fraud, with further restitution and parole.
Trevor Milton, the former CEO of Nikola CEO of Nikola, was sentenced to four years in federal prison for for fraud. The decision includes a fine of $1 million, restitution, and additional probation. The New York Times, UNN reports .
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He was found guilty of fraud with securities and bank accounts.
The judge sentenced Milton to four years in federal prison, along with a $1 million fine, an amount of restitution to be determined, and three years of supervised release after serving his initial sentence.
It is noted that prosecutors initially demanded that Milton serve 11 years and pay a $5 million fine.
Milton assured that he had no intention of to harm his investors and did not commit the crimes he is charged with. However. prosecutors argued that he had made false statements about the company's stock price and its technological achievements.
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Nikola continues to operate and plans to resume deliveries of electric trucks in 2024. The share price of the has fallen significantly since 2020, and investors have suffered significant losses. Є a possibility that Milton will appeal the verdict.
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