SEC dismissed its civil fraud case against Nikola founder Trevor Milton after his Trump pardon
On September 11, 2025, the U.S. Securities and Exchange Commission filed a joint stipulation dismissing with prejudice its civil fraud enforcement action against Nikola founder Trevor Milton in the U.S. District Court for the Southern District of New York. The dismissal followed President Trump's March 27, 2025 pardon of Milton on his related criminal securities-fraud conviction, ending the SEC's remaining case against him. It paralleled the Commission's dismissals a week later of civil actions against two other Trump clemency recipients, Devon Archer and Carlos Watson.