The White House confirmed to Techcrunch that Trevor Milton, founder of bankrupt hydrogen freight startup Nikola, has been pardoned by President Trump.
Milton was convicted in October 2022 Securities Fraud Two counts of wire fraud related to his claims about Nicholas’ progress towards investors. He is Sentenced In December 2023, he was sentenced to four years in prison. He had received a $100 million margin when he appealed the judgment.
Just a few weeks after the pardon of Nicholas Apply for Chapter 11 Bankruptcy. The company has been working together in Delaware bankruptcy courts and Sales businessand hope to close the deal by mid-April.
“No wonder why there is nothing in trust and confidence in the Justice Department. I hope the judge will stop believing everything prosecutors feed them so that Americans can trust the justice system again,” Milton said in a statement.
Milton was convicted by a jury. Brad Bondi, a partner of law firm Paul Hastings and brother of current U.S. Attorney General Pam Bondi, represented him in the trial.
Now a free man, Milton said he plans to release a documentary that he thinks will tell Nicholas’ story.
Milton founded Nikola in 2014. It was not until 2020 that the company became one of the first electric vehicle companies to merge with a Special Purpose Acquisition Company (SPAC). It quickly became a hot-traded stock, especially after GM announced $2 billion in September of that year.
However, the company’s situation quickly changed. A few days after GM announced the announcement, short-selling research firm Hindenburg Research published a report containing allegations of Milton committing fraud. Securities and Exchange Commission Started the investigationand GM Leave the deal. Milton eventually resigned, despite claiming he was in the 2023 sentencing hearing Leave the stage to help his sick wife.
Prosecutors in Southern New York accused Milton July 2021claiming that he made “false and misleading statements about Nikola’s product and technology development” in social media, television, printing and podcast interviews. They said Milton made these claims to “tempt retail investors to buy Nikola shares.”
After he was convicted, the judge ordered Milton Paying nearly $168 million to his former company Arbitration Cases Between both sides. The money should be considered in Nikola’s bankruptcy. Nikola plans to use these proceeds to resolve class action lawsuits against shareholders’ companies.
