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Jia Yueting's DETAILS OF THE US SCAM WERE EXPOSED, AND MORE THAN 90% OF THE ORDERS WERE FORGED, THROUGH HIS NEPHEW's remote control company business

Jia Haonan was sent from the Vice Pilot Temple

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The latest findings came out, and the FF scam in the United States was finally exposed.

The investigation initiated by the board of directors of FF Company, which began with the short report, not only disclosed the details of the scam, but also directly fired several executives.

Jia Yueting himself was also demoted.

Jia Yueting's DETAILS OF THE US SCAM WERE EXPOSED, AND MORE THAN 90% OF THE ORDERS WERE FORGED, THROUGH HIS NEPHEW's remote control company business

In July last year, Faraday Future went public, and Jia Yueting said that returning to China "that is a must".

However, now Jia Yueting not only cannot return to China, but even the United States may not be able to stay.

Who did FF lie to in the United States?

As in China, investors are deceived.

In general, FF creates the appearance of normal operation and imminent delivery of the company through means, so that investors believe that FF is seriously building cars.

The results of the FF's officially disclosed findings show that there are inaccuracies in the previous IPO applications submitted to the US securities regulatory authorities.

For example, it is claimed that the first mass production car has received more than 14,000 orders, but in fact only a few hundred are valid orders that have actually paid a deposit.

Jia Yueting's DETAILS OF THE US SCAM WERE EXPOSED, AND MORE THAN 90% OF THE ORDERS WERE FORGED, THROUGH HIS NEPHEW's remote control company business

The remaining more than 13,000 orders are invalid, and the official has not explained where they came from.

You said that the user placed an order and did not give money, cheating Boss Jia? I don't believe it.

After Jia Yueting brought FF to the United States, in addition to transforming the previous creditor into FF shareholders and tying everyone more and more firmly, he also retired from the position of FF's first leader, only serving as the "chief product officer" and retiring to the background.

However, the media and investigative agencies are inclined to believe that Jia Yueting is still the actual controller of FF.

In the latest investigation report, this is also more subtly confirmed.

The survey admitted that the company had previously "underestimated Jia Yueting's involvement in the business"...

Because Jia Yueting directly participated in the management of FF through his position in the shell company after the SPAC listing.

How much should Jia Yueting participate? How much was actually involved? None of the reports say so.

But behind this unusual wording, it reflects Jia Yueting's credit collapse in the United States.

When FF was listed, the short-selling report of Meiqijin Investment pointed directly at Jia Yueting, believing that FF was the game he made in order to make up for his personal debt deficit.

Jia Yueting's DETAILS OF THE US SCAM WERE EXPOSED, AND MORE THAN 90% OF THE ORDERS WERE FORGED, THROUGH HIS NEPHEW's remote control company business

A few months later, FF officially admitted that Jia Yueting was "overly involved" and intriguing.

According to the results of the investigation, FF Chairman Brian Krolicki is primarily responsible for stepping down as Chairman and retaining only the members of the Board of Directors.

At the same time, Vice President and General Counsel Jarret Johnson also left, and another vice president, Wang Jiawei, was suspended from his post.

According to foreign media reports, Wang Jia Wei is the nephew of Jia Yueting, who once transferred all his FF equity to his nephew's name and appointed him as CFO to avoid FF being investigated because of his debt risk, and at the same time can actually control FF through "his own people".

As for Jia Yueting himself, he took a 25 percent pay cut after the investigation and reported to Susan Swenson, the newly appointed chairman.

Why did the investigation arise?

What kind of report made the FF board of directors investigate and limit Jia Yueting's authority?

The allegations of inaccurate disclosure that FF referred to in its official filing refer to a short-selling report issued by short-selling agency J Capital Research Chinese in October this year.

In this 28-page report, MegaKin Investment counts a number of FF crimes based on public information.

Jia Yueting's DETAILS OF THE US SCAM WERE EXPOSED, AND MORE THAN 90% OF THE ORDERS WERE FORGED, THROUGH HIS NEPHEW's remote control company business

It boils down to three things:

First, there is no capacity for mass production vehicles.

Second, the financial situation is worrying, and there is no end to financing gaps.

Third, Old Jia was unreliable.

First, the delivery time of FF91 has been jumping for several years, after promising to build six factories in five locations in China and the United States, but the plan has not yet been implemented.

And the FF's commitment to restart and start production at the U.S. Hanford plant has made little substantial progress.

Financially, the listing has raised 1 billion, but it is still a drop in the bucket. Megakin Investment said in the report that if FF wants to achieve its financial targets for 2024, it needs to raise $1.4 billion to achieve it.

With the progress of FF's business and the credibility of Lao Jia, it may be more and more difficult to raise money.

FF's latest share price closed at $4.22, down 7.46%, with a total market value of only $1.369 billion, which is nearly 70% from the market value of about $4.5 billion at the beginning of the listing, and more than $3.1 billion (about 20 billion yuan).

Jia Yueting's DETAILS OF THE US SCAM WERE EXPOSED, AND MORE THAN 90% OF THE ORDERS WERE FORGED, THROUGH HIS NEPHEW's remote control company business

In November last year, FF also received a delisting warning for failing to submit its financial report on time, with a deadline of 6 months to complete.

Halfway through the grace period, there is still no movement on the FF side.

The third point, as mentioned earlier, Meiqijin Investment believes that Jia Yueting moved FF to the United States, not at all to make a comeback, but to then fool the money of American investors and fill in his own financial black hole.

Old Jia next?

This FF self-examination does not actually explain any problems.

FF said in the announcement that it has begun to take remedial measures, including hiring third-party financial auditors, strengthening the company's information disclosure work, and providing compliance training to executives.

But a little deeper can find that FF's own internal inventory has pointed out some problems, but it is only the point, and the remedy is not painful or itchy.

Jia Yueting's DETAILS OF THE US SCAM WERE EXPOSED, AND MORE THAN 90% OF THE ORDERS WERE FORGED, THROUGH HIS NEPHEW's remote control company business

It seems to have cleared the channels for Jia Yueting to control the company through his nephew, but Jia Yueting himself was still not affected.

For the core mass production and delivery of the FF problem, there is no mention of it.

So is this investigation really the board of directors really decided to change the past wrong, or is Boss Jia playing a bitter plan to fight and be willing to suffer?

Jia Yueting's DETAILS OF THE US SCAM WERE EXPOSED, AND MORE THAN 90% OF THE ORDERS WERE FORGED, THROUGH HIS NEPHEW's remote control company business

It's not good yet.

Hopefully, in a few years, U.S. investors won't hear the phrase "go to a meeting and return next week."

—Ends—

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