On Monday, the founder of Nikola Corp. was found guilty and handed down a four-year prison sentence for making deceptive statements in regards to the production of zero-emission 18-wheelers, resulting in investors suffering losses in the hundreds of thousands of dollars.

In Manhattan federal court, Judge Edgardo Ramos declared Trevor Milton’s sentence and mentioned that the jury from October 2022 had made a correct decision when convicting him. Additionally, the judge imposed a $1 million fine.

The judge declared that, over several months, the defendant utilized social media to advertise their business in a untruthful manner as investors experienced large losses. They went on to say that “what was communicated time and again through various media sources was inaccurate.”

Prior to the ruling, Milton was in tears as he spoke for a lengthy period of time and tried to make his actions at Nikola look honorable, insisting his motives for making eco-friendly trucks were genuine.

He asserted that numerous firms in the sector had taken his cue and worked to manufacture automobiles that would be more eco-friendly.

He noted that the reason he departed his firm was not due to any criminal activity, but rather due to the fact that his spouse was terminally ill.

Milton made a direct apology to the investors. He stated that he felt terrible for the resources and time which had been taken away from everyone, adding that it was impossible not to feel bad for all those involved. He clarified that his goal was not to cause any harm.

Milton was found guilty of deceitful practices after the state’s attorneys demonstrated him to be a swindler following launching his business in a Utah basement six years prior.

Prosecutors alleged that Milton asserted they had created an innovative truck which was in fact a General Motors Corp. vehicle with the Nikola emblem affixed to it. Additionally, there was proof that the business had made videos of their trucks that had been altered to disguise the shortcomings.

In his testimony as a government witness, the CEO of Nikola described Milton as someone who “tended to embellish” when communicating his venture to potential investors.

At his sentencing, the Assistant U.S. Attorney, Matthew Podolsky, asked for a considerable prison sentence, though not as long as the 27 years or higher that federal regulations indicated. He pointed out that Milton’s utterances on social media enabled the originator of the company to get a great deal of people to trust him on the internet.

He mentioned that the unlawful act had caused damage to a great number of individuals.

Marc Mukasey, the defense attorney, asked for no jail time to be given to Milton, arguing that he has endured much pain, leaving him “completely ruined” with civil cases and a case with the Securities and Exchange Commission still ongoing.

Milton expressed optimism as he emerged from the courthouse on Monday, believing his appeal would be successful. He expressed his belief that victory was imminent, stating that the issues illustrated in the appeal would lead to a reversal of the ruling.

In 2020, Milton resigned as news of fraud sent Nikola’s stock plunging. Investors lost a great deal of money in the wake of reports that called into doubt Milton’s claim that the firm had manufactured zero-emission eighteen-wheeler trucks.

In 2021, the company shelled out $125 million to resolve a civil case initiated by the SEC. Nikola, which is based in Arizona, did not accept any blame.