The founder of Nikola Corp. has been sentenced to four years in prison for his conviction for exaggerating claims about his company's production of zero-emission 18-wheel trucks.

Lawyers for the founder of truckmaker Nikola Corp. say he should not face incarceration because his criminal conviction is nothing like what landed Theranos founder Elizabeth Holmes in prison.

Jury selection has begun in the fraud trial of Trevor Milton.

Electric and hydrogen-powered truck startup Nikola has agreed to a $125 million settlement over charges that it defrauded investors after misleading them about its products, technical advances, and financial prospects.

The founder and one-time executive chair of Nikola Corp. was freed on $100 million bail Thursday after pleading not guilty to charges alleging he lied about the electric and hydrogen-powered truck startup, duping novice investors including some financially struggling people looking for income during the pandemic.

The founder of Nikola Corp. has been arrested on securities fraud charges alleging he made false and misleading statements to investors about the electric and hydrogen-powered truck startup.

DETROIT – A couple of weeks ago, General Motors traded production capacity for $2 billion worth of Nikola stock. The fraud claim comes from the hedge fund, largely against 39-year-old Nikola founder Trevor Milton. On Sept. 8, he announced his deal with General Motors. The next day, the hedge fund made its claim, which brought the Securities and Exchange Commission into the situation. “We acknowledge Trevor Milton’s departure from Nikola and the decision of the Nikola board to move forward,” General Motors officials said in a statement.

FRANKFURT – Shares in electric and hydrogen-powered truck startup Nikola plunged on Monday after the company's founder resigned amid allegations of fraud - just two weeks after signing a $2 billion partnership with General Motors. Under the partnership announced with GM, the Detroit-based automaker would take an 11% ownership stake in Nikola and would engineer and build Nikola’s Badger hydrogen fuel cell and electric pickup truck. In exchange for the 10-year deal, GM was to get $2 billion worth of Nikola’s newly issued common stock that will come in three increments through 2025. GM has been under pressure from Wall Street to more quickly exploit its electric vehicle technology, while the GM deal gave the startup added credibility, according to analysts. Under the deal, Nikola will be responsible for the sales and marketing of the Badger, built on GM’s new battery electric truck underpinnings and using GM fuel cell and battery technology.