Background on Conviction

In 2022, Trevor Milton was found guilty by a federal jury in New York on charges of securities fraud and wire fraud. The jury’s decision culminated in a four-year prison sentence and a $1 million fine, stemming from allegations that he misled investors about Nikola Corporation’s technological capabilities and financial health.

Milton’s claims included assertions that Nikola had functional prototypes of zero-emission trucks, substantial binding orders, and the ability to produce cost-effective hydrogen fuel, all of which prosecutors contended were untrue.

Pardon Details

The White House officially confirmed that the presidential pardon would not only allow Milton to avoid prison time but also relieve him from a court mandate to compensate Nikola’s shareholders, who reportedly lost millions amid the company’s stock downturn.

Despite the pardon, Milton may still face civil legal challenges related to his actions while leading Nikola.

Nikola’s Current Status

Following Milton’s departure, Nikola filed for bankruptcy protection in February, indicating plans to auction off its assets as part of its restructuring efforts.

Milton’s Defense

Throughout his legal proceedings, Trevor Milton has maintained his innocence. His legal representatives claimed that his optimistic statements about the company’s potential were merely enthusiastic assertions rather than fraudulent misrepresentation.