- Net worth
- Unknown
- Crimes
- securities fraud, wire fraud
- Convicted of
- Securities fraud; wire fraud (misleading investors about Nikola Corp.)
- Original sentence
- Four years' imprisonment; $1 million fine (December 2023)
- Time served
- ~3 months before pardon (released on bail during appeal)
Background
Trevor Milton was the founder and former CEO of Nikola Corporation, an electric- and hydrogen-truck company that went public in 2020. He was convicted in October 2022 of securities and wire fraud and sentenced in December 2023 to four years in prison.
The Case
Milton was indicted in July 2021 and convicted of one count of securities fraud and two counts of wire fraud. He misled investors about Nikola’s technology and capabilities through social media, television, podcasts, and interviews. Prosecutors proved he falsely claimed that Nikola built its “Badger” pickup from the “ground up,” developed batteries in-house when they were purchased elsewhere, and had successfully built a working “Nikola One” semi-truck that he knew did not work. Milton left Nikola in September 2020 after a short-seller report called the company a fraud. His conduct harmed investors who relied on his statements and damaged confidence in public markets. The sentencing judge stated that “the law does not permit a pass for good intentions.” Milton was sentenced to four years in prison and a $1 million fine; he remained free on bail during appeal until his pardon.
The Pardon
On March 27, 2025, President Trump granted Milton a full pardon.
Sources
- DOJ Pardon Warrant
- DOJ Clemency Grants
- Former Nikola Corporation CEO charged with securities fraud scheme (DOJ USAO-SDNY, July 2021)
- Trevor Milton sentenced to four years in prison (DOJ USAO-SDNY, Dec 2023)
- U.S. jury convicts Nikola founder of fraud (Reuters, Oct 2022)
- Nikola founder Trevor Milton sentenced to four years (Reuters, Dec 2023)