Trevor Milton, the founder of Nikola, has been sentenced to four years in prison for defrauding investors. He had been convicted on last year. He was fined $1 million, according to the Wall Street Journal.
Milton founded the electric truck manufacturer, but a series of fraudulent claims resulted in the conviction. Milton stepped down from the company in 2020. The company had been accused of fraud by Hindenburg Research.
In December 2021, the company settled an investigation by the Securities and Exchange Commission by paying a $125 million fine.
Among the charges leveled against Milton were lying about the prototype truck being drivable when it was not, and saying the company was able to produce hydrogen for the trucks when it was not.
Prosecutors said the total loss to investors was more than $600 million. According to the Journal report, federal sentencing guidelines allow for a sentence of 60 years. Prosecutors had asked for 11.
In a statement at the sentencing, Milton said his intent was not to harm anyone and declared his innocence.
