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Trevor Milton, the founder, and former chairman and CEO of electric heavy truck maker Nikola was found guilty in federal court Friday of three of four counts of fraud relating to false statements he made to drive up the value of Nikola’s stock.

Milton was charged with two counts of securities fraud and two counts of wire fraud, all related to statements he made about Nikola’s business while he was chairman and CEO of the company. 

Milton will be sentenced on Jan. 27. He faced up to 25 years in prison if convicted on all four counts.

“Trevor Milton lied to Nikola’s investors — over and over and over again. That’s fraud, plain and simple,” said Damien Williams, the U.S. Attorney for the Southern District of New York. Williams said that the case against Milton should “serve as a warning” to others who make misrepresentations to investors.

“It won’t end well,” he said.

Williams's office in Manhattan had alleged that Milton lied about “nearly all aspects of the business” he founded in 2014 during his time leading the firm. Those lies, prosecutors said, were intended to induce investors to bid up the price of Nikola’s stock.

“On the backs of those innocent investors taken in by his lies, he became a billionaire virtually overnight,” Assistant U.S. Attorney Nicolas Roos said in his opening statement in September.

Nikola’s stock price briefly added to over $90 per share in June 2020, a few days after it went public via a merger with a special purpose acquisition company. For a short period, Nikola — a company with no revenue — was more valuable than the century-old Ford Motor.

However, Nikola’s shares plunged dramatically once Milton was forced out of the firm in September 2020, after the company’s board of directors found that some of the fraud allegations made by short-seller Hindenburg Research had merit.