Trevor Milton, founder of Nikola, granted full pardon by Trump

In October 2022, Milton was found guilty of one charge of securities fraud and two charges of wire fraud, while he was cleared of another securities fraud allegation. The trial involved allegations that he had misled investors about the capabilities of his electric truck company, prompting a significant drop in the company’s stock price.

The prosecutors argued that Milton had intentionally exaggerated the capabilities of the electric trucks produced by his company, falsely presenting them as being more advanced than they actually were. This led to a surge in the stock price followed by a significant decline after the truth was revealed, causing financial harm to investors who had bought shares based on Milton’s misleading claims.

During the trial, witnesses testified about how Milton had made false statements about the company’s products and technology, deliberately painting a rosy picture to attract investors. The evidence presented included emails, text messages, and other communications that revealed Milton’s deceptive practices in promoting the company.

Milton’s defense team argued that he had not intended to defraud anyone and that any misrepresentations were not made with fraudulent intent. They claimed that Milton believed in the potential of the company’s products and was simply overly optimistic in his public statements.

Despite the defense’s arguments, the jury ultimately found Milton guilty on the securities and wire fraud charges. The verdict was seen as a significant blow to Milton’s reputation and raised questions about his leadership of the company he had founded.

Following the trial, Milton expressed his disappointment with the verdict but vowed to appeal the decision. He maintained his innocence and insisted that he had always acted in good faith in his role at the company. However, the guilty verdict raised doubts about his future in the electric vehicle industry and his ability to regain the trust of investors and stakeholders.

Overall, the trial of Milton highlighted the risks of corporate fraud and the importance of transparency and honesty in financial dealings. It served as a reminder that misleading investors can have serious consequences, not just for the individuals involved but for the broader economy and financial markets. Whether Milton will be able to recover from this setback remains to be seen, but the trial has left a lasting impact on both him and the electric truck company he founded.