Trevor Milton, the founder of electric vehicle start-up Nikola who was sentenced to prison last year, was pardoned by President Donald Trump late Thursday, the White House confirmed Friday.
The pardon of Milton, who was sentenced to four years in prison last year for exaggerating the potential of his technology, could wipe out hundreds of millions of dollars in restitution that prosecutors were seeking for defrauded investors.
Milton had not been incarcerated pending an appeal.
Milton said late Thursday on social media and via a press release that he had been pardoned by Trump.
“I am incredibly grateful to President Trump for his courage in standing up for what is right and for granting me this sacred pardon of innocence,” Milton said.
The White House confirmed the pardon Friday.
Nikola, which was a hot start-up and rising star on Wall Street before becoming enmeshed in Milton’s scandal, filed for Chapter 11 bankruptcy protection in February. That filing came months after the company said it would likely run out of cash early this year.
The Associated Press contributed to this report.