Milton sentenced to 4 years in prison and ordered to pay a $1 million fine for a series of false statements about innovations made by his electric semitruck company
Trevor Milton, a Utah native and founder of Nikola Corp., was sentenced to four years in prison and ordered to pay a $1 million fine following his conviction for defrauding investors.
Trevor Milton, a Utah native and founder of Nikola Corp., was sentenced to four years in prison and ordered to pay a $1 million fine by a federal judge following his conviction for defrauding investors in the electric semitruck company he launched from Salt Lake City in 2014. On Monday, Damian Williams, United States Attorney for the Southern District of New York, announced that Milton was sentenced by U.S. District Judge Edgardo Ramos to four years in prison for engaging in securities and wire fraud in connection with his scheme to defraud and mislead investors about the development of products and technology by the company he founded, Nikola Corp. Milton was convicted following a one-month jury trial in October 2022 before Judge Ramos. Prosecutors said Milton leveraged social media postings and made statements to other media outlets aiming to entice investment in his startup, which had been working to develop battery-powered and hydrogen fuel celled electric vehicles.
Assets of Loveland-based electric-vehicle company Lightning eMotors Inc. and its subsidiary, Lightning Systems Inc., will be sold, with proceeds going to creditors, according to a filing the company made with the Securities and Exchange Commission Thursday.
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