Trevor Milton, the founder of Nikola Corp., was fined $1 million and given a four-year federal prison sentence on Monday
In addition to an unspecified amount of restitution to investors, the prosecution requested an 11-year sentence, a $5 million fine, and confiscation of the Utah ranch that was the subject of one of Milton’s three fraud convictions. Milton asked to be placed on probation. 27 to 33 years and nine months were recommended as sentences under revised federal sentencing guidelines. Milton was sentenced to four years for each of his three offenses, to be served concurrently, by U.S. District Judge Edgardo Ramos.
Data from the Judiciary Sentencing Information database maintained by the U.S. Sentencing Commission shows that the average sentence for 29 white-collar crime defendants found guilty during the past five years was 16 years and four months.
.The legal drama started when a short seller claimed that the company that made electric trucks was founded on The Hindenburg report titled “Nikola: How to Parlay An Ocean of Lies Into a Partnership With the Largest Auto OEM in America.”
The report stated, “We have gathered extensive evidence—including recorded phone calls, text messages, private emails, and behind-the-scenes photographs—detailing dozens of false statements by Nikola Founder Trevor Milton. We have never seen this level of deception in a public company, especially of this size.
Trevor has managed to parlay these false statements made over a decade into a ~$20 billion public company. He has inked partnerships with some of the top auto companies in the world, all desperate to catch up to Tesla and to harness the EV wave.”
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