SEC issues warning to Faraday Future founder Jia Yueting

The U.S. Securities and Exchange Commission (SEC) has issued a "Wells Notice" to Faraday Future (FF) founder Jia Yueting and its president Wang Jiawei, warning them that they may face civil fines, disgorgement of illegal gains and market bans and other enforcement actions for alleged "false and misleading statements" during the company's SPAC merger and listing in 2021.