Disgraced Nikola Founder Trevor Milton Sentenced to 4 Years in Prison for Lying About Electric Vehicles

Enlarge / Trevor Milton, founder of Nicholas Corp., arrived has court In New York on Monday, Dec. 18, 2023. Milton East together has be sentenced on Monday After be find guilty of securities fraud And thread fraud In October 2022. Bloomberg / Donor | Bloomberg

THE disgraced founder And ancient CEO of THE "zero broadcasts" truck business Nicholas, Trevor Milton, was sentenced has four years In prison on Monday, Bloomberg reported.

It is A lighter sentence that prosecutors had request After A jury find Milton Guilty of A count of securities fraud And two account of thread fraud In 2022. During THE trial, Milton was accused of layer about "almost all aspects of THE business," CNBC reported.

From 2016 has 2020, at Milton "extravagant complaints” were powered by A desire has pump up THE value of Nicholas action, THE New York Times reported. He was accused of misleading investors about All Since fake prototypes of without emissions long-haul trucks has billion value of supposedly OBLIGATORY orders For hydrogen fuel cells And batteries that were Never shipped. In A sentencing note, prosecutors said that Milton target "less sophisticated investors", THE Times reported, engaging "In A supported scheme has take advantage of" their inexperience.

at Nikola action sharp In 2020, but SO dozens of fraud allegations were reported by THE investment farm Hindenburg Research, provoking Nicholas action has lead quickly. "We to have Never seen This level of deception has A public business, especially of This size," Hindenburg The research report said. Focused towards backlash, Milton resigned, voluntarily withdraw Since her business And sale disabled $100 million In Nicholas action has funds more that $85 million In luxury purchases, THE Times reported. Today, Milton remains at Nikola second biggest shareholder, Bloomberg reported.

By 2021, Nicholas had admitted has THE WE Securities And Exchange Commission that nine declarations do by Milton were "inaccurate."

THE price of these lies has investors was more that $660 million, prosecutors claimed.

Through he all, Milton has denied THE charges, asking has be sentenced has only probation while holding back tears, Bloomberg reported. HAS her sentencing audience, he said that her “inaccuracies” came Since A place of "deeply detained optimism," And he did not intend has cause any of them harm, Yahoo reported.

"I was not A very seasoned CEO," Milton would have said.

Prosecutors research heavier consequences, ask THE judge has order Milton has pay A $5 million GOOD And sentence Milton has 11 years In prison.

Milton East likely has call, Bloomberg reported.

at Nikola spokesperson provided Ars with A statement on THE conviction.

“Nikola A strong foundation And East In THE process of reach OUR assignment has decarbonize THE trucking industry, which East OUR to focus," at Nikola statement said. "We to have do significant progress Year after year And will continue with THE even level of discipline And commitment In 2024. We are happy has move Before And remind THE public that THE business ...