Nikola: Sales, Marketing and Financial News
12-18-2023 | 03:11 PM
#161
AZ Community Team
Joined: Nov 2004
Posts: 18,210
Likes: 4,316
From: Maryland
Nikola founder Trevor Milton sentenced to four years in prison for defrauding investo
https://www.cnn.com/2023/12/18/busin...usiness_ribbon
New York
CNN
—
Nikola founder Trevor Milton was sentenced Monday to four years in prison for lying to investors about the company’s hydrogen and electric truck technology.
The sentence is significantly lower than the 11-year sentence federal prosecutors were seeking. Milton was facing up to 60 years behind bars if he was sentenced to the maximum penalty.
“Trevor Milton lied to investors again and again — on social media, on television, on podcasts, and in print,” US Attorney Damian Williams said in a statement. “But today’s sentence should be a warning to start-up founders and corporate executives everywhere — ‘fake it till you make it’ is not an excuse for fraud, and if you mislead your investors, you will pay a stiff price.”
Milton will also turn over property in Utah and pay a $1 million fine, the Justice Department said in a news release. He will also face three years of supervised release after completing his prison sentence.
Milton’s legal team told CNN it had no comment on the sentence.......
CNN
—
Nikola founder Trevor Milton was sentenced Monday to four years in prison for lying to investors about the company’s hydrogen and electric truck technology.
The sentence is significantly lower than the 11-year sentence federal prosecutors were seeking. Milton was facing up to 60 years behind bars if he was sentenced to the maximum penalty.
“Trevor Milton lied to investors again and again — on social media, on television, on podcasts, and in print,” US Attorney Damian Williams said in a statement. “But today’s sentence should be a warning to start-up founders and corporate executives everywhere — ‘fake it till you make it’ is not an excuse for fraud, and if you mislead your investors, you will pay a stiff price.”
Milton will also turn over property in Utah and pay a $1 million fine, the Justice Department said in a news release. He will also face three years of supervised release after completing his prison sentence.
Milton’s legal team told CNN it had no comment on the sentence.......
The following users liked this post:
civicdrivr (12-27-2023)
02-22-2024 | 01:31 PM
#167
Sanest Florida Man
Joined: Aug 2007
Posts: 44,635
Likes: 10,920
From: Florida
Yeah it makes no sense. Also his request to join the board was rejected by Nikola, weeks before this video came out but he doesn't mention that at all. It makes no sense. He also thinks Trevor is innocent.
Thread
Thread Starter
Forum
Replies
Last Post