Trevor Milton Gets Four Years in Prison for Fraud

wsj.com

8 pointshtk5 comments

Very similar to Elizabeth Holmes/Theranos where “fake it till you make it” was abused and taken to the point of “fraud”.

As far as I know however Trevor never gave anyone incorrect cancer or HIV diagnoses. Still fraud but I consider what she did much more heinous.

The way they went about pumping their IPO / stock by getting blue-collar influencers to shill it, it gave the impression that they were taking advantage of desperate people who were trying not to miss out on the pandemic stock market recovery like they'd missed out on the post-2008 boom.

How much of the money does he get to keep?

Milton was "ordered to forfeit a property in Utah and ordered to pay a fine of $1 million," with restitution to be set "in a future proceeding" [1]. This is in addition to the $125 million Nikola paid "to settle charges that it defrauded investors" [2], which it "is seeking reimbursement from Milton for" [3].

[1] https://www.justice.gov/usao-sdny/pr/trevor-milton-sentenced...

[2] https://www.sec.gov/news/press-release/2021-267

[3] https://www.reuters.com/business/nikola-corp-agrees-pay-125-...

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