President Donald Trump granted former Nikola CEO Trevor Milton a full and unconditional pardon on March 27, 2025, for the federal offenses charged in United States v. Milton, No. 1:21-cr-478. The warrant expressly remits court-ordered fines, penalties, forfeitures, and restitution tied to those offenses. It does not resolve Milton’s separate claim in Nikola’s bankruptcy, which runs on its own track.
What the pardon covers
The pardon warrant is the primary source for what was granted. Its key terms are:
- Type of clemency: a full and unconditional pardon, the warrant’s own wording.
- Scope: the federal offenses in United States v. Milton, No. 1:21-cr-478, and no others named in the warrant.
- Money and property: remission of “any and all fines, penalties, forfeitures, and restitution ordered by the court” for those offenses.
Because the warrant is tied to the listed federal offenses, it is federal clemency. It is not a finding that the jury was wrong, and it does not reach civil suits or private claims that sit outside that case.
What the pardon does not settle
Readers often merge three different things: the criminal judgment, the money ordered in that judgment, and the bankruptcy claim. The table separates them.
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| Issue | Status after the pardon | Source |
|---|---|---|
| Jury conviction (October 2022) | The warrant is limited to the listed offenses. Coverage of the conviction as a record is not described in the warrant text summarized here. A bankruptcy court later said the pardon did not negate the conviction as evidence of fraud. | DOJ warrant; bankruptcy appeal filing |
| $1 million fine | Remitted under the warrant’s fines language. | DOJ warrant; DOJ sentencing release (December 18, 2023) |
| Forfeiture of Utah property | Remitted under the warrant’s forfeitures language. | DOJ warrant; DOJ sentencing release |
| Restitution | Remitted for amounts “ordered by the court.” The warrant states no dollar figure. See the restitution section below. | DOJ warrant |
| Four-year prison term and three years of supervised release | The warrant summary does not itemize custody or supervision terms. Confirm current status with the court docket before relying on it. | DOJ sentencing release |
| Milton’s unsecured claim in Nikola’s bankruptcy | Not resolved by the pardon. The bankruptcy court subordinated the claim on equitable grounds. | Bankruptcy appeal filing |
The case behind the pardon
Milton founded and led Nikola Corporation, a company building electric and hydrogen-powered trucks and energy products. A jury convicted him in October 2022 of securities and wire fraud tied to statements he made to investors about the company’s products and technology.
The sentence
On December 18, 2023, Judge Edgardo Ramos sentenced Milton to four years in prison, three years of supervised release, a $1 million fine, and forfeiture of Utah property. The Justice Department said at sentencing that restitution would be determined later.
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What prosecutors said the fraud was
According to the Justice Department’s account of the verdict, Milton made false statements to investors on several points:
- That the Nikola One prototype was fully functional when it was inoperable. DOJ said the prototype was never completed or operational.
- That the Badger pickup was built from Nikola’s own parts and technology.
- That the company’s hydrogen production and production costs were as he described.
- That truck reservations amounted to binding orders.
These points are DOJ’s characterization of the case. They are not independent testing of the products.
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Then-U.S. Attorney Damian Williams, in the Southern District of New York, said in the December 18, 2023 sentencing release: “Trevor Milton lied to investors again and again — on social media, on television, on podcasts, and in print. But today’s sentence should be a warning to start-up founders and corporate executives everywhere — ‘fake it till you make it’ is not an excuse for fraud, and if you mislead your investors, you will pay a stiff price.”
Restitution: what is and is not established
This is the point most likely to matter to former investors, so it needs precision. The warrant remits restitution “ordered by the court,” but it does not state an amount. The Justice Department’s 2023 release said the amount would be set later. Associated Press reporting said prosecutors had sought hundreds of millions of dollars in restitution. That figure is a request reported by AP, not a restitution order, and the sources reviewed do not establish a final amount ordered by the court.
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Put plainly: the pardon removes any restitution the court ordered for these offenses, but the sources do not show what that total was. Anyone affected should check the criminal docket for No. 1:21-cr-478 in the Southern District of New York to see whether a restitution order was entered and in what amount.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.The political contribution reported alongside the pardon
AP reported that Milton and his wife made more than $1.8 million in contributions to a Trump reelection fund shortly before the November 2024 election. This is a reported contribution figure. It is not an official reason for the pardon, and the warrant does not refer to it.
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The bankruptcy claim is a separate matter
Milton also contested the treatment of his unsecured claim in Nikola’s bankruptcy. A reproduction of the bankruptcy appeal filing says the bankruptcy court confirmed the reorganization plan on September 12, 2025, and equitably subordinated Milton’s claim. Subordination means his claim is paid after other unsecured claims. The court relied on the arbitration panel’s findings as sufficient support for subordination, and said the pardon did not negate the conviction as evidence of fraud.
The filing is a reproduction, not the official court docket. It describes the appeal as fully briefed at the time, but it does not establish the appeal’s final outcome. As of October 8, 2026, this article cannot confirm whether the appeal has been decided or whether the confirmation order is final. Check the bankruptcy court docket for Nikola’s case before stating either point.
Quick Recap
How to verify the current status yourself
- Read the pardon warrant text on the Justice Department’s website and confirm the case number 1:21-cr-478 and the remission language.
- Pull the criminal docket for No. 1:21-cr-478 in the Southern District of New York to check for any restitution order and its amount.
- Pull Nikola’s bankruptcy docket to confirm the plan confirmation date, the subordination ruling, and whether any appeal has been decided.
- Keep the three tracks separate when you report or compare them: the criminal judgment, the restitution question, and the bankruptcy claim.
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