Crime
Mastermind of Disastrous Fyre Festival Settles With SEC
- McFarland admits to defrauding investors of $27.4 million
- Promoter faces 10 years in prison on related criminal charges
Billy McFarland leaves federal court after pleading guilty to wire fraud charges on March 6, 2018.
Photographer: Mark Lennihan/AP Photo
The architect of the disastrous 2017 Fyre Festival luxury concert series in the Bahamas settled civil claims with the U.S. Securities and Exchange Commission, admitting he defrauded more than 100 investors of $27.4 million.
Billy McFarland, 26, has pleaded guilty to related criminal charges and faces as long as 10 years in prison when he’s sentenced Aug. 16. As part of the SEC settlement, he agreed to disgorge the amount of the fraud and to a lifetime ban on serving as a corporate officer or director.