granted

Trevor Milton Nikola Securities Fraud Case

Recipient

Trevor Milton

Pardon Date

Mar 28, 2025

Granted By

President Donald Trump

Original Offense

Securities fraud, wire fraud

securities fraudcorporate fraudfederalmajor donorrestitution eliminated

Case Timeline

Nikola Corporation Founded (2014)

Trevor Milton founded Nikola Corporation in Salt Lake City, Utah, naming it after inventor Nikola Tesla. The company promised to develop revolutionary hydrogen fuel cell and battery-electric semi-trucks.

SPAC IPO and Peak Valuation (June 2020)

Nikola went public via SPAC merger in June 2020, generating enormous investor interest. The company’s market capitalization exceeded $30 billion at its peak, and Milton became a paper billionaire with an estimated net worth of $8.1 billion.

Hindenburg Research Report (September 2020)

On September 10, 2020, short-seller Hindenburg Research published a devastating report titled “Nikola: How to Parlay An Ocean of Lies Into a Partnership With the Largest Auto OEM in America.”

The report revealed:

The infamous promotional video showing a Nikola truck appearing to drive down a desert highway was actually a non-functional truck rolled down a hill
Milton had made numerous false claims about the company’s technology
The company did not possess the proprietary technology Milton claimed

Milton Resigns (September 2020)

Following the Hindenburg report, Milton resigned as Executive Chairman on September 20, 2020.

DOJ and SEC Investigations Launched (2020-2021)

Federal authorities opened criminal and civil investigations into Milton’s statements to investors.

Federal Indictment (July 2021)

Milton was indicted by a federal grand jury in the Southern District of New York on:

Securities fraud (2 counts)
Wire fraud (1 count)

Trial (September-October 2022)

Milton’s trial took place in federal court in Manhattan. Key evidence included:

The “rolling truck” video
Internal communications showing Milton knew his claims were false
Testimony from former employees and investors

Conviction (October 14, 2022)

A federal jury found Milton guilty on all counts:

Securities fraud (2 counts)
Wire fraud (1 count)

Sentencing (December 2023)

Milton was sentenced to 4 years in federal prison. Prosecutors calculated he owed over $676 million in restitution to defrauded shareholders, though the final amount had not yet been set.

Milton Remains Free Pending Appeal (2024)

Milton was released on bond while appealing his conviction.

$1.8 Million Trump Donation (October 2024)

Less than one month before the November 2024 election, Milton and his wife donated more than $1.8 million to the Trump Victory Fund:

Donor	Amount	Recipient	Date
Trevor Milton	~$900,000+	Trump Victory Fund	October 2024
Wife	~$900,000+	Trump Victory Fund	October 2024
Total	$1.8+ million

Trump Wins Election (November 2024)

Donald Trump won the presidential election.

Nikola Files for Bankruptcy (February 2025)

Nikola Corporation filed for Chapter 11 bankruptcy protection, just weeks before Milton’s pardon was announced.

Pardon (March 28, 2025)

On March 28, 2025, Milton posted on social media that he received a phone call from President Trump informing him he had been granted a “full and unconditional pardon.”

Trump justified the pardon by:

Claiming Milton’s case was unfairly moved to New York from Utah
Alleging (without evidence) that Milton was targeted for being a Trump supporter
Characterizing the prosecution as politically motivated

Background

Trevor Ryan Milton (born April 6, 1982) is an American entrepreneur from Utah. Before Nikola, he founded several other companies including dHybrid Systems and Worthington Industries.

Milton built Nikola on promises of revolutionary hydrogen fuel cell technology for semi-trucks, claiming the company would transform the trucking industry and help combat climate change. At the company’s peak, investors believed Nikola would compete with Tesla in the electric vehicle market.

The Fraud

The fraud centered on Milton’s false statements to investors:

The Rolling Truck Video: A promotional video appeared to show a Nikola prototype truck called the “Nikola One” driving autonomously down a desert highway. In reality, the truck was completely non-functional and had simply been rolled down a hill while cameras filmed it from angles that obscured the deception.
False Technology Claims: Milton repeatedly claimed Nikola had developed proprietary technology, including hydrogen fuel cell technology, that the company did not actually possess.
Misleading Partnership Announcements: Milton exaggerated the nature and progress of business partnerships.
Media Deception: Milton made false statements in media interviews, podcasts, and on social media that artificially inflated Nikola’s stock price.

Impact on Victims

Defrauded Investors

Thousands of retail and institutional investors lost substantial money based on Milton’s false statements:

Nikola stock peaked above $65/share in 2020
Stock collapsed to under $1/share
Company eventually filed for bankruptcy

Restitution Eliminated

Federal prosecutors calculated Milton owed over $676 million in restitution to victims. The pardon eliminated any obligation to pay.

Wife (name not public) - Co-donated $1.8 million to Trump Victory Fund

Analysis

This pardon is notable for several reasons:

Massive pre-election donation - Milton and his wife donated $1.8 million to Trump’s campaign fund less than one month before the election, while Milton was facing a 4-year prison sentence
Restitution wiped out - The pardon eliminated over $676 million in potential victim restitution
Pattern of donor pardons - Milton’s case fits a pattern of Trump pardoning wealthy individuals with donation connections (similar to Paul Walczak and Joseph Schwartz)
House Democrats memo - In June 2025, House Judiciary Democrats released a memo calculating that Trump pardons cost victims over $1.3 billion in potential restitution, with Milton’s case being a significant portion
Company bankruptcy - Nikola filed for bankruptcy just weeks before the pardon, underscoring the scale of the fraud’s impact