The Securities and Exchange Commission this week dismissed civil enforcement cases against Hunter Biden’s former business partner Devon Archer, Carlos Watson, the co-founder of now-defunct Ozy Media Inc., and Nikola founder Trevor Milton after President Donald Trump granted each clemency, reported the New York Times.
Archer and Biden co-founded or co-ran several entities, including Rosemont Seneca Partners and were both on the board of Burisma Holdings in Ukraine.
He was convicted in 2018 of fraud and legally ordered to forfeit $15.7 million and make restitution of $43.4 million to the victims.
Watson was accused of lying about revenue, business relationships and audience size to attract investments for Ozy Media. He was arrested in February 2023 on federal fraud charges and ordered to pay about $37 million in restitution to the investors who lost money.
There was also a forfeiture judgment against him for nearly $60 million.
Milton was charged with securities fraud and wire fraud over false claims about Nikola’s products. He was fined $1 million and ordered to pay $168 million in restitution to defrauded investors.
All three have received pardons from Trump, which means their restitution orders are no longer enforceable.
Solange Reyner ✉
Solange Reyner is a writer and editor for Newsmax. She has more than 15 years in the journalism industry reporting and covering news, sports and politics.
© 2025 Newsmax. All rights reserved.