Founder of Fyre Festival Fiasco To Pay $27M In Settlement

Fyre Festival has gone down in history as one the largest failed festivals to date. Promises were made a Great Exuma in the Bahamas fering a luxurious experience with a mega-lineup artists and top-notch amenities. However, when guests arrived it was anything but that. Tents were half-built, there was inadequate food and drink, and performances were canceled. Thousands guests were stranded as they waited for flights to be arranged back to Miami.

It has just been announced that the organizer Fyre Festival, Billy McFarland, will have to pay the Securities and Exchange Commission (SEC) more than $27M to settle fraud charges against them. According to the SEC, he convinced over 100 investors to sink $27.4 million into three companies with incorrect information, lying his way through the event planning. McFarland falsely portrayed himself as a skilled entrepreneur to gain the trust these investors and lied about the firms’ finances.

McFarland was arrested last month for multiple counts criminal wire and bank fraud. All those counts were related to his role in the Fyre Festival festival. At this point, we can only hope that McFarland being ordered to pay this settlement will discourage others from trying to throw a festival by lying and cheating in the future.