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The Securities and Exchange Commission (SEC) has warned Faraday Future founder Jia Yueting and president Jerry Wang of potential enforcement actions following a three-year fraud investigation. The SEC is focused on false and misleading statements related to the company’s 2021 merger with a special purpose acquisition company (SPAC). Former employees have been deposed, and the SEC has issued subpoenas to Faraday Future. Despite legal troubles, Jia has regained leadership of the company. In 2023, Faraday Future released its electric SUV to customers amidst allegations of fake sales.
