Nikola founder Trevor Milton was sentenced to 4 years in prison and fined $1 million for defrauding investors of the electric- and hydrogen-powered truck maker Nikola. Milton was found guilty in October 2022 on two counts of wire fraud and one count of securities fraud. U.S. attorney for the Southern District of New York Damian Williams said in a statement that the sentencing serves as a warning to startup founders and executives about "fake it till you make it" not being an excuse for fraud that misleads investors. Nikola agreed to pay $125 million to settle related civil charges brought by the SEC in 2021.
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