Former Nikola CEO Trevor Milton sentenced to four years in prison for securities fraud
Trevor Milton, the founder and former CEO of electric truck startup Nikola, has been sentenced to four years in prison for securities fraud by Judge Edgardo Ramo in the U.S. District Court in Manhattan. Milton was convicted of lying to investors about the development of Nikola's electric trucks in order to inflate the company's stock price. Defense attorneys argued that Milton simply wanted to be loved and praised like Elon Musk, while prosecutors accused him of repeatedly lying and targeting retail investors. Milton faced a maximum term of 60 years in prison, but the government sought an 11-year sentence and a $5 million fine.
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