Fyre Festival founder Billy McFarland settles with SEC for $27.4 million
The Fyre Festival shenanigans have finally come to an end as the founder and potential one-percenter island paradise provider Billy McFarland has accepted a plea to the tune of $27.4 million for the doomed disaster.
While news of McFarland’s legal battles don’t outright confirm whether or not he’ll be serving jail time, McFarland’s plea does come on the heels of him already accepting a guilty plea on two counts of wire fraud earlier this year. Essentially, the Securities and Exchange Commission (SEC) has ensured that McFarland may never serve as an officer or a director of a public company again. Part of the SEC’s latest press release reads as follows:
“McFarland induced investors to entrust him with tens of millions of dollars by fraudulently inflating key operational, financial metrics and successes of his companies, as well as his own personal success – including by giving investors a doctored brokerage account statement purporting to show personal stock holdings of over $2.5 million when, in reality, the account held shares worth under $1,500.”
McFarland and investors Margolin and Simon have all been charged with “violating the antifraud provisions of the federal securities laws,” and the three have all accepted the plea deals they have been offered.
H/T: The Verge