The sentence, by Judge Edgardo Ramos in the US District Court in Manhattan, caps a multi-year saga that at one point sent Nikola stock soaring 83 per cent only to come crashing down months later over accusations of fraud and canceled contracts.

The sentencing hearing comes after four separate delays, during which Milton has remained free under a $100 million bond.

In his ruling, Ramos said he would impose a sentence of 48 months on each count, served concurrently, and a fine of $1 million. Milton is expected to appeal the sentence, which Ramos acknowledged.

Milton sobbed as he pled with Judge Ramos for leniency in a long and often confusing statement ahead of the sentencing.

At one point, Milton said he stepped down from the CEO post at Nikola not because of fraud allegations, but to support his wife.

"I stepped down because my wife was suffering live threatening sickness," he said.  He said his wife suffered medical malpractice, someone else's plasma. He stepped down because of that not because he was a fraud.

"The truth matters. I chose my wife over money or power."

During the sentencing hearing, defense attorneys said that Milton wasn't trying to defraud investors or intending to harm anyone. Instead, they argued he simply wanted to be loved and praised like Elon Musk.

Prosecutors pushed back and said he lied repeatedly and targeted retail investors. Federal prosecutors recommended an 11-year sentence, but Milton faced a maximum term of 60 years in prison. The government also sought a $5 million fine, forfeiture of a ranch in Utah and an undetermined amount of restitution to investors.

Restitution will be determined after Monday's sentencing hearing.