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Nikola founder Trevor Milton has to repay the company $165 million for legal costs and a fine related to claims he made that were found to be fraudulent in federal court.Nikola’s disgraced founder Trevor Milton is being forced to pay $165 million and interest back to the hydrogen and electric semi-truck maker after he made fraudulent claims that triggered a costly investigation and fine by the Securities and Exchange Commission.
“The company had sought reimbursement from its founder and former executive chairman for costs and damages arising from actions that were the subject of government and regulatory investigations, including the December 2021 Securities and Exchange Commission settlement and associated civil penalty,” Nikola said in the filing. “The company intends to file with the arbitration panel an application to recover attorneys’ fees related to the matter.
Nikola spokesman Dan Passe provided no additional comment. Nikola shares rose 9% to $1.04 in mid-day Nasdaq trading after the news broke. The move comes as Milton, who left Nikola in 2020, awaits sentencing on his conviction for securities and wire fraud in a federal court in Manhattan in October 2022. The entrepreneur was accused of making exaggerated and fraudulent claims about theIn addition to Milton’s conviction, the SEC’s investigation also led to a $125 million fine Nikola agreed to pay in late 2021. It has been seeking to recoup money and stock from Milton, previously its largest shareholder, for the past two years.
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