Fyre Festival co-founder and promoter Billy McFarland has been ordered to pay former festival sponsor over $4.2million, which includes a contractual 30% interest and covering the defrauded investor’s attorney fees.
Billboard reports that a New York County judge has ruled that McFarland pay back the hefty loan that EHL Funding gave to him to fund the festival after he stopped paying back the loaned money in April 2017, when the festival publicly imploded once punters began to show up. The judgement was made by default when McFarland failed to appear, or take action toward the ruling.
This latest big bill for Billy sits fresh stop the pile of money he has to pay for the failure of Fyre Fest, which was already sitting at over $34million after a settlement with the US Securities and Exchange Commission.
He also lost another AUD$7million settlement to two attendees back in July, and we can only assume that’s the first people in a long, long line of festival partygoers who want their money back, and then some.
And on top of that, McFarland and co-creator Ja Rule have been named as the defendants in a class-action lawsuit to the tune of around $140million sparked by a high-end law firm Geragos & Geragos, who have previously represented celebrities like Nicole Ritchie, Winona Ryder, and Michael Jackson.
McFarland is currently also serving a six-year jail sentence after pleading guilty to defrauding over 100 investors of the festival.Source: Billboard
Image: AAP / Mary Altaffer