Jia Yueting Responds to SEC Investigation Closure: FF Passes with Zero Penalties, Will Focus Fully on Business Operations

Why did the SEC investigation trigger by independent directors of the SPAC merger party raise questions?

Phoenix Technology News (Author: Yu Lei) March 23 — Regarding the U.S. Securities and Exchange Commission (SEC) ending its 1,632-day investigation into Faraday Future (FF) without any penalties, FF founder and co-CEO Jia Yueting issued an official response. He stated that this ruling is a milestone for the company and its management team, and that all of his and the management’s future efforts will be focused on strategic business development and operational management to unlock the company’s commercial value.

The compliance review began on October 3, 2021. During nearly five years of investigation, the SEC reviewed millions of internal data including executive communications, emails, and financial drafts. Jia Yueting revealed that the investigation was initially initiated by independent directors of the SPAC merger party. The company maintained a legal and compliant stance and cooperated with the review process. Ultimately, the regulator closed the case with “zero accountability,” taking no legal or punitive action against FF, Jia Yueting, or Global President Jerry Wang. Jia Yueting admitted that this outcome restored his sense of entrepreneurial dignity and also means the company is likely to fully clear the compliance hurdles previously faced in strategic financing and partnerships.