Trevor Milton

Trevor Milton
Born:	1982-04-06 Layton, Utah
Charges:	Securities fraud, wire fraud (2 counts)
Sentence:	4 years (pardoned)
Facility:	N/A (pardoned before serving)
Status:	Pardoned (2025)

Trevor Milton (born April 6, 1982) is an American entrepreneur and convicted fraudster who founded Nikola Corporation, an electric and hydrogen-powered vehicle company. In December 2023, Milton was sentenced to four years in federal prison after being convicted of securities and wire fraud for making false statements to investors about Nikolas technology and business operations. In March 2025, President Donald Trump granted Milton a full pardon before he began serving his sentence.

Early Life

Trevor Milton was born on April 6, 1982, in Layton, Utah. He was raised in the Salt Lake City area as a member of The Church of Jesus Christ of Latter-day Saints. Milton did not complete college, instead pursuing entrepreneurial ventures beginning in his early twenties.

Before founding Nikola, Milton started several businesses, including dHybrid Systems, which focused on natural gas fuel systems for vehicles. He sold dHybrid in 2014 for a reported $15 million, providing him with capital and experience in the alternative fuel vehicle sector.

Nikola Corporation

Founding and Vision

In 2014, Milton founded Nikola Corporation (originally Nikola Motor Company), naming the company after inventor Nikola Tesla. Milton positioned Nikola as a revolutionary company that would transform the trucking industry through hydrogen fuel cell and electric powertrains.

The company unveiled the "Nikola One," a concept semi-truck that Milton claimed was a fully functioning prototype. Milton made sweeping promises about the trucks capabilities and Nikolas technological advancement, generating significant media attention and investor interest.

Going Public

In June 2020, Nikola went public through a merger with VectoIQ Acquisition Corp., a special purpose acquisition company (SPAC). Following the merger, Nikolas stock price soared, briefly giving the company a market capitalization exceeding $30 billion—more than Ford Motor Company at the time—despite having no revenue and no commercially available products.

Milton became a billionaire on paper and was celebrated as a visionary in the electric vehicle industry. He appeared frequently in media interviews, promoting Nikolas technology and future prospects.

The Fraud Scheme

False Statements to Investors

Federal prosecutors established that from at least November 2019 through September 2020, Milton engaged in a scheme to defraud investors by inducing them to purchase shares of Nikola through false and misleading statements made via social media, television interviews, print media, and podcasts.

Miltons false statements included claims that:

• The "Nikola One" semi-truck was a fully functioning prototype when it was actually inoperable
• Nikola had built a hydrogen-powered pickup truck called "the Badger" from the ground up using Nikolas own technology
• Nikola was producing hydrogen at company facilities when no hydrogen was being produced
• Truck reservations represented binding orders when they could actually be cancelled at any time

The Rolling Truck Video

One of the most damaging revelations involved a promotional video that appeared to show the Nikola One driving on a highway. Prosecutors revealed that the truck was not powered by its own drivetrain—instead, it was towed to the top of a hill and rolled down with the brakes released to create the illusion of a functioning vehicle.

The video was released with the knowledge of Milton and was designed to deceive investors about the companys technological progress.

Hindenburg Research Report

In September 2020, short-seller Hindenburg Research published a report titled "Nikola: How to Parlay An Ocean of Lies Into a Partnership With the Largest Auto OEM in America." The report detailed numerous alleged falsehoods by Milton and questioned the companys technological claims.

The report triggered a Department of Justice investigation and SEC inquiry. Within days, Milton resigned as Executive Chairman of Nikola.

Trial and Conviction

Indictment

In July 2021, federal prosecutors in the Southern District of New York indicted Milton on charges of securities fraud and wire fraud. The SEC also filed civil charges against him.

Trial

Miltons criminal trial took place in September and October 2022 in federal court in Manhattan. Prosecutors presented evidence of Miltons false statements and the impact on investors who purchased Nikola stock based on those representations.

On October 14, 2022, after approximately three weeks of trial and several days of deliberation, the jury found Milton guilty on one count of securities fraud and two counts of wire fraud. He was acquitted on one count of wire fraud.

Sentencing

On December 18, 2023, U.S. District Judge Edgardo Ramos sentenced Milton to four years in federal prison. In addition to the prison term, the court ordered Milton to pay approximately $168 million in restitution to victims and a $1 million fine.

Prosecutors stated that retail investors lost more than $660 million as a result of Miltons fraud.

U.S. Attorney Damian Williams stated: Trevor Milton lied to investors again and again—on social media, on television, on podcasts, and in print. But todays sentence should be a warning to startup founders and corporate executives everywhere—fake it till you make it is not an excuse for fraud.

Milton remained free on bond pending appeal of his conviction.

Presidential Pardon

On March 28, 2025, President Donald Trump granted Milton a full presidential pardon before Milton was required to report to prison to serve his sentence.

The pardon eliminated Miltons prison sentence and his obligation to pay restitution to the investors who lost money due to his fraud. Federal records showed that Milton and his wife had contributed more than $1.8 million to Trumps 2024 reelection campaign in October 2024.

The pardon drew criticism from legal observers and investor advocates who noted that victims of Miltons fraud would not receive compensation as a result of the presidential action.

Impact on Nikola Corporation

Following Miltons resignation and the fraud revelations, Nikola Corporation underwent significant changes. The company replaced leadership and refocused its business plan. While Nikola continued to operate and eventually produced some commercial vehicles, its stock price declined dramatically from its 2020 peak, and the company struggled to meet investor expectations.