Trevor Milton, the founder and former CEO of electric truck startup Nikola, received a four-year prison sentence on Monday for securities fraud.
Source: AP
The sentencing, following four delays, allowed Milton to remain free under a $100 million bond. The court has imposed a 48-month sentence on each count, along with a $1 million fine.
Source: Nicola Motor
Milton, convicted in October 2022 of securities and wire fraud, was found guilty of misleading investors about Nikola's electric truck development to inflate the company's stock price.
Source: Nicola Motor
Defence argued that he sought admiration like Elon Musk and did not intend to defraud investors, while prosecutors maintained that he repeatedly lied and targeted retail investors.