Trevor Milton
, the founder of electric- and hydrogen-powered truck maker
Nikola
, has been sentenced to four years in prison after a jury last year found him guilty of lying to investors about the company's technology.
According to a report by news agency Reuters, Federal prosecutors in Manhattan charged Milton on three counts of fraud.
One that Milton misled investors by stating that Nikola had built a pickup from the "ground up".
Two that the company had developed its own batteries even though Milton knew it was buying them. Three and that it had early success creating a "Nikola One" semi-truck that Milton knew did not work.
After announcing the sentence at a hearing in federal court, U.S. District Judge Edgar Ramos told Milton he was aware the statements he made about the company were false. "As difficult as it may be for you or your family to hear, I believe the jury got it right," Ramos reportedly said.
What Milton said in his defense
Milton reportedly spoke at length before he was sentenced, quoting Bible verses and talking about his family and rural upbringing. He told Ramos a sentence of probation would allow him to spend time with his wife as she recovers from illness. "I did not intend to harm anyone and I did not commit those crimes levied against me," Milton said.
However, the judge Ramos did not accept Milton's explanation that he spoke with enthusiasm and did not intend to harm investors. "The law does not grant a pass for good intentions," he said.
Milton was convicted in October 2022 on one count of securities fraud and two counts of wire fraud, and acquitted on an additional securities fraud count.
Nikola in 2021 agreed to pay $125 million to settle civil charges brought by the U.S. Securities and Exchange Commission.
Milton's lawyers had said he should get probation, arguing that any misstatements resulted from his "deeply-held optimism" in his Phoenix-based company, and that Holmes' case was different because her lies put people at medical risk.
(with agency inputs)
English (US) ·