4 years in prison for Nikola Corp founder for defrauding investors on claims of zero-emission trucks
ABC News
The founder of Nikola Corp. has been sentenced to four years in prison for his conviction for exaggerating claims about his company's production of zero-emission 18-wheel trucks
NEW YORK -- The founder of Nikola Corp. was sentenced Monday to four years in prison for his conviction for exaggerating claims about his company’s production of zero-emission 18-wheel trucks, causing investors to lose hundreds of thousands of dollars.
Trevor Milton learned his fate in Manhattan federal court when Judge Edgardo Ramos announced the sentence, saying he believed that a jury in October 2022 “got it right” when it convicted him. The judge also ordered Milton to pay a $1 million fine.
“Over the course of many months, you used your considerable social media skills to tout your company in ways that were materially false,” the judge said, noting investors suffered heavy losses. “What you said over and over on different media outlets was wrong."
Before the sentence was handed down, Milton fought through tears in delivering a half-hour rambling statement portraying some of his actions as heroic at Nikola and his intentions sincere as he sought to produce trucks that would not harm the environment.
He claimed that big companies in the industry have followed his lead to try to create vehicles that would leave a cleaner environment.
Uber says it will invest up to $1.25 billion in Rivian Automotive to help launch up to 50,000 robotaxis
Kuwait says a drone attack targeting an oil refinery has sparked a fire
The National Retail Federation, the nation’s largest retail trade group, is forecasting annual retail sales will grow at a faster clip this year than last year, citing consumers’ resilience despite lots of economic volatility
U.S. wholesale prices came in hotter than expected in February
U.S. wholesale prices came in hotter than expected in February
Macy’s profit rose more than Wall Street expected in the fourth-quarter, and the retailer delivered another increase in comparable sales Wednesday
Iran's judiciary says it has executed man for allegedly spying for Israel's Mossad as war rages
Japan has recorded a trade surplus of 57.3 billion yen, or $360 million, in February, according to government data, reversing from a deficit a month earlier
The Iran war has rattled the global flow of oil, with steeper fuel costs already straining households worldwide
The Wisconsin state Senate has passed a $133 million package to combat contamination from forever chemicals
Colombia says it is seeking a license from the U.S. Treasury Department to invest in several electricity and natural gas ventures in Venezuela
The Iran war has scrambled the Federal Reserve’s outlook on inflation and unemployment and will likely further delay interest rate cuts this year, putting off any relief for consumers struggling with high borrowing costs for home and car purchases
Argentina’s wine industry, once a thriving business, is facing its worst crisis in more than 15 years, with record low domestic consumption and a drop in exports