SEC officially announces $125M settlement with Nikola over Milton fraud case

The SEC has officially announced the $125 million fine given to Nikola Motor following the agency’s fraud accusations against the company’s founder, Trevor Milton.

“The Securities and Exchange Commission today announced that Nikola Corporation, a publicly-traded company created through a special purpose acquisition company transaction, has agreed to pay $125 million to settle charges that it defrauded investors by misleading them about its products, technical advancements, and commercial prospects,” the SEC wrote in a statement today announcing the sanctions. “The settlement follows the SEC’s litigated action filed earlier this year against Trevor Milton, the company’s founder and former Chief…