Nikola’s founder Trevor Milton was jailed for 4 years for impersonation

For now, the company’s former CEO will remain free on bail as he appeals his original conviction on fraud charges.

December 18, 2023 at 7:34 p.m

    Nikola's founder Trevor Milton was jailed for 4 years for impersonation

Trevor Milton, former CEO of the company Nicholas he had just been sentenced to four years in federal prison for fraud. The sentence includes a $1 million fine, restitution and additional probation. For now, however, Milton remains free on bail as he appeals the sentence.

Milton was the front man for Nikola in 2018 when he unmistakably faked a video of his prototype electric truck driving down the road. This example, along with many other statements by Milton, led many to believe that society was closer to full production than it actually was. In October 2022, a jury found him guilty of securities fraud and wire fraud.

Today, a judge sentenced Mr. Milton to four years in federal prison, along with a $1,000,000 fine, an as-yet-undetermined amount of restitution and three years of supervised release after he has served his original sentence. That’s actually a slightly lesser sentence than what prosecutors originally asked for. They he wanted Milton to serve 11 years and pay a fine of $5,000,000. Milton’s board, on the other hand, only asked for a condition.

Continue by scrolling the ad

Read: GM once saw Tesla as ‘a bunch of engineers playing with laptop batteries,’ says Nikola CEO

    Nikola founder Trevor Milton gets 4 years in prison for impersonation

Since Milton left Nikola, the company has managed to launch a hydrogen-electric truck, but this step forward has been plagued by a number of problems. It reported a loss of $169 million in the first quarter of 2023. In May he received notice of delisting from NASDAQ for trading below the dollar for an extended period. In June, it cut 270 jobs and then a fire broke out at its premises, destroying four trucks.

In September, its newest CEO, Steve Girsky, compared the company and Tesla, which was underestimated at the time. We said it then and we’ll say it again now, if Nikola can be half as big as Tesla in the automotive industry, it will probably be considered a huge success.

Of course, at this point we can only remember the CEO who led investors and stakeholders on a ride that ended with a few burned trucks and little else.

    Nikola's founder Trevor Milton was jailed for 4 years for impersonation