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Trevor Milton
Founder of electric truck maker Nikola and its former executive chairman and CEO
- Entries
- 17
- On the record
- 9
- Stories
- 2
- Latest entry
- Sep 11, 2025
The record
Trevor Milton founded the electric and hydrogen truck maker Nikola and served as its chief executive and later executive chairman. His public record turns on September 2020, when Hindenburg Research published a report alleging he had made dozens of false statements to win partners and investors, including that a 2016 promotional video showed the Nikola One truck rolling downhill under no power. He resigned as executive chairman that month.
In July 2021 the SEC sued him in federal court in Manhattan, alleging he made false or misleading claims, largely on social media, and personally gained tens of millions of dollars. The same day he was indicted, pleaded not guilty and was released on a $100 million bond; his lawyers said he had been wrongfully accused after a faulty investigation. In December 2021 Nikola itself paid $125 million to settle SEC charges without admitting or denying them.
A jury convicted him in October 2022 on three of the four counts he faced, one of securities fraud and two of wire fraud. In December 2023 Judge Edgar Ramos sentenced him to four years in prison and a $1 million fine, against the 11 years prosecutors sought. Milton told the court he did not intend to harm anyone and did not commit the crimes. In March 2025 President Donald Trump granted him a pardon, the Associated Press reported.
Roles and honours on the record
- 2020 Founder of Nikola Corporation and its former chief executive; resigned as executive chairman in September 2020 source
Every entry, newest first
- Ruled
SEC filed a joint stipulation to dismiss its civil enforcement action against Trevor Milton with prejudice. Pardoned financiers ranked: Trevor Milton's $680M ask is No. 1
- Reported
SEC dropped its civil enforcement case against Milton, subject to judges' approval, per the New York Times. Trevor Milton pardoned after 4-year Nikola fraud sentence
- Reported
White House confirmed Trump's pardon of Trevor Milton; prosecutors had urged $680 million in restitution, CNBC reported. Pardoned financiers ranked: Trevor Milton's $680M ask is No. 1
- Reported
Milton said Trump granted him a full pardon; the White House confirmed it the next day, per the Associated Press. Trevor Milton pardoned after 4-year Nikola fraud sentence
- Ruled
Judge Edgardo Ramos sentenced Trevor Milton to four years in prison and a $1 million fine, the SDNY said. Pardoned financiers ranked: Trevor Milton's $680M ask is No. 1
- Ruled
Judge Edgardo Ramos sentenced Milton to four years in prison and a $1 million fine, per CNBC. Trevor Milton pardoned after 4-year Nikola fraud sentence
- Ruled
Federal jury in Manhattan convicted Milton of one securities fraud count and two wire fraud counts, per CNBC. Trevor Milton pardoned after 4-year Nikola fraud sentence
- Filed
Grand jury indictment unsealed in Manhattan charging two securities fraud counts and wire fraud; Milton pleaded not guilty, per CNBC. Trevor Milton pardoned after 4-year Nikola fraud sentence
Stories in this file
Settlements · 💸 Pardoned financiers ranked: Trevor Milton's $680M ask is No. 1
Prosecutors sought $680M restitution from Trevor Milton; his pardon ended it. He says he did nothing wrong. 🗣️
Money · ⚖️ Trevor Milton pardoned after 4-year Nikola fraud sentence
A jury convicted him in 2022. The pardon ends his order to compensate shareholders; Milton says he did nothing wrong. 🗣️
The record, entry by entry
- 2020-09 Reported Milton stepped down as Nikola's executive chairman amid an internal probe, CNBC reported. CNBC report
- 2020-09-10 Reported Hindenburg Research published a report alleging Milton made dozens of false statements to partners and investors and that the Nikola One In Motion video showed the truck rolling downhill under no power. Hindenburg Research, report
- 2021-02 Reported An internal investigation by Nikola found Milton made several inaccurate statements from 2016 through the company's public listing, CNBC reported. CNBC report
- 2021-07-29 Filed The SEC filed a complaint in the Southern District of New York alleging Milton repeatedly made false or misleading claims about Nikola's technology and commercial achievements, seeking injunctions, an officer and director bar, disgorgement and penalties. U.S. Securities and Exchange Commission, press release 2021-141
- 2021-07-29 Filed Milton was indicted on two counts of securities fraud and one of wire fraud, pleaded not guilty and was released on a $100 million bond. His lawyers said he was wrongfully accused following a faulty and incompetent investigation. CNBC report
- 2021-12-21 Official Nikola Corporation agreed to pay a $125 million penalty to settle SEC charges that it misled investors about its technology, products and prospects, without admitting or denying the findings. U.S. Securities and Exchange Commission, press release 2021-267
- 2022-10-14 Ruled A federal jury in Manhattan convicted Milton on three of the four counts he faced: one count of securities fraud and two of wire fraud. CNBC report
- 2023-12-18 Ruled U.S. District Judge Edgar Ramos sentenced Milton to four years in prison and a $1 million fine and let him stay free on bail pending appeal. Milton told the court he did not intend to harm anyone and did not commit the crimes. CNBC report
- 2025-03 Reported President Donald Trump granted Milton a pardon for his 2022 fraud conviction, potentially wiping out the restitution prosecutors were seeking for investors, the Associated Press reported. Associated Press report on the pardon
Documents
Sources behind this file
- New York Times report on the SEC dropping its cases
- SEC litigation release on dismissal of Milton case
- CNBC report on Milton’s pardon
- AP report on Milton’s pardon
- Reuters report on the pardon
- New York Times report on the pardon
- BBC News report on the sentencing
- SDNY press release on Milton’s sentence
- CNBC report on the sentencing
- CNBC report on Milton’s guilty verdict
- SEC order against Nikola Corporation
- CNBC report on the indictment