Nikola Corp (NASDAQ:NKLA) founder Trevor Milton was sentenced to four years in prison on Monday following his conviction for defrauding investors in the electric- and hydrogen-powered truck maker.
Milton also was fined $1 million and could later be forced to forfeit property as part of his sentence, CNBC reported.
Prosecutors were seeking an 11-year sentence in the US District Court hearing in Manhattan, while Milton’s attorneys sought probation.
"I did not intend to harm anyone and I did not commit those crimes levied against me," Milton told Judge Edgar Ramos before being sentenced, Reuters reported.
Milton has shown little to no remorse for his actions, prosecutors contend, writing in a letter to the judge that he should take into account Milton’s "profound denial of accountability and insistence on blaming others."
Milton was convicted in October 2022 on two counts of wire fraud and one count of securities fraud.
He became an overnight billionaire when he took Nikola public through a deal with a special purpose acquisition company (SPAC) in June 2020.
Shares of Nikola peaked at more than $65 in June 2020 and are currently trading at $0.85, down 62% year to date.