Trevor Milton, Founder of Bankrupt Nikola, Pardoned by President Trump
Former founder of Nikola, Trevor Milton, who was convicted of fraud and sentenced to four years in prison, has been granted a pardon by President Trump, as confirmed by the White House to JS.
Milton’s conviction in October 2022 included charges of securities fraud and wire fraud related to misleading claims he made about Nikola’s progress to investors. Despite his sentence, he has been out on a $100 million bond while appealing.
The pardon comes shortly after Nikola filed for Chapter 11 bankruptcy and has been working to sell the business with hopes of closing a deal by mid-April.
In a statement, Milton expressed his distrust in the Justice Department and the justice system, criticizing the reliance on prosecutors’ claims. He was represented in his trial by Brad Bondi, a partner at Paul Hastings and the brother of U.S. Attorney General Pam Bondi.
Now free, Milton plans to release a documentary to share his side of the Nikola story. He founded the company in 2014, which gained attention in 2020 after going public through a SPAC merger and securing a significant investment from General Motors.
However, the company faced challenges following allegations of fraud by Hindenburg Research and an investigation by the SEC. GM withdrew its investment, and Milton eventually resigned amidst legal proceedings.
Prosecutors accused Milton of making false claims about Nikola’s products and technology to attract investors, leading to his conviction and a hefty sum owed to his former company. The funds were intended to settle a class action lawsuit against Nikola.
