Trevor Milton, the disgraced founder of Nikola, was just sentenced to four years in prison on three counts of fraud.\u00a0<\/p>\n
In October 2022, a jury found Milton guilty<\/a> of one count of securities fraud and two counts of wire fraud. Milton faced up to 60 years in prison. Prosecutors asked the judge for an 11-year prison sentence and a $5 million fine, according to The New York Times<\/em><\/a>, while the defense argued for probation.\u00a0<\/p>\n <\/p>\n After announcing the sentence at a federal court hearing in New York City, U.S. District Judge Edgar Ramos spoke directly to Milton. “As difficult as it may be for you or your family to hear, I believe the jury got it right,” Ramos said, as transcribed Reuters. <\/em><\/a><\/p>\n Milton addressed the court before sentencing was handed down, saying “I did not intend to harm anyone and I did not commit those crimes levied against me.” He also spoke at length about his rural upbringing and recited biblical verse.\u00a0<\/p>\n Prosecutors claimed<\/a> that Milton pumped up the value of the company’s stock by lying to investors about “nearly all aspects” of Nikola’s business. Among other things, Milton claimed his company had a fully functional electric truck. The company released a video that made it appear as though a Nikola One prototype was able to move by itself. However, an indictment alleged that the truck was actually rolling down a hill and that Milton was involved in the video’s creation.<\/p>\n In addition, Milton was accused of lying about Nikola having billions of dollars worth of pre-order reservations and that it was producing hydrogen fuel at four times less than market rates. Prosecutors also said Milton falsely claimed Nikola had developed “game-changing” battery tech.<\/p>\n Nikola is still in business and it plans to resume deliveries<\/a> of its battery electric truck in early 2024 following a recall over battery issues that cost around $61.8 million to resolve. In the nine months to September 30, Nikola produced 96 trucks and shipped 79.<\/p>\n The company’s stock price has dropped by 99 percent since 2020 and investors are said to have lost more than $660 million. Milton sold around $100 million of his Nikola stock in 2020 and spent most of that on luxury goods such as a plane and real estate, according to the Times<\/em>. It’s likely that Milton will appeal this conviction, as he’s already asked Ramos for a new trial following the jury’s guilty verdict.<\/p>\n This article originally appeared on Engadget at https:\/\/www.engadget.com\/nikola-founder-trevor-milton-sentenced-to-four-years-in-prison-192432136.html?src=rss
Trevor Milton, the disgraced founder of Nikola, was just sentenced to four years in prison on three counts of fraud.\u00a0 In October 2022, a jury found Milton guilty of one count of securities fraud and two counts of wire fraud. … Continue reading
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\nSource: Engadget – Nikola founder Trevor Milton sentenced to four years in prison<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"