Nikola founder to be sentenced for federal fraud charges (www.cnbc.com)

submitted 11 months ago by L4s@lemmy.world to c/technology@lemmy.world

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Nikola founder to be sentenced for federal fraud charges::Nikola founder Trevor Milton was found guilty in October 2022 on two counts of wire fraud and one count of securities fraud.

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[-] piskertariot@lemmy.world 28 points 11 months ago

4 years and $1m fine.

Billions in fraud. Guy is set for life and will absolutely be out of "jail" in a year.

The judge: "Let this be a lesson"

Everyone: fucking what?

[-] HerbalGamer@sh.itjust.works 3 points 11 months ago

Federal prisons apparently are pretty much summer camps I believe, so it's not even gonna be a bad time for him.

[-] BearOfaTime@lemm.ee 2 points 11 months ago

Fines for this stuff need to work like courtroom penalty of destroying records: assume the records were the worst-possible evidence.

Let's assume most-possible profit, make the fine 10x that.

Then whatever BS "liar figuring" is done, it'll still be a massive fine. One that can't be escaped via bankruptcy.

this post was submitted on 19 Dec 2023

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