Nikola founder Trevor Milton to be sentenced for federal fraud charges
Publishing timestamp: 2023-12-18 08:40:06
Summary
Trevor Milton, the founder of Nikola, is set to be sentenced on charges of wire fraud and securities fraud. Prosecutors have recommended an 11-year prison sentence. Nikola was once valued at over $30 billion but faced allegations of false and misleading statements. Milton has been compared to Elizabeth Holmes, the founder of Theranos, who was sentenced to over 11 years in prison for defrauding investors. Since Milton's resignation, Nikola's shares have declined and the company has struggled to retain executives.
Sentiment: NEGATIVE
Tickers: NKLA,
Keywords: business, new york, transportation, collusion, crime, technology, breaking news: technology, nikola corp, business news, elizabeth holmes, autos, breaking news: business,
Source: https://www.cnbc.com/2023/12/18/nikola-founder-trevor-milton-sentencing-fraud-charges.html