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Faraday Future faces potential SEC enforcement action after three-year probe
The troubled EV startup, its founder, and the founders nephew are all in the financial regulator's crosshairs.
The Securities and Exchange Commission (SEC) has sent letters to Faraday Future founder Jia Yueting and president Jerry Wang, alerting them that they may soon face enforcement actions from the agency as the result of a three-year-long fraud investigation. The letters, known as “Wells Notices,” state that the commission’s staff has made an internal determination to recommend an enforcement action against the electric vehicle company, the two executives, and two former employees who weren’t named, according to a regulatory filing published Wednesday. The SEC may seek “an injunction or cease-and-desist order against future violations of provisions of the federal securities laws, the imposition of civil monetary penalties, disgorgement or other equitable relief within the Commission’s authority, or any combination of the foregoing,” according to the filing.
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