If you bought a ticket to the ultra-exclusive Fyre Festival last year, you experienced firsthand how badly you played yourself. If you were one of the spectators on the sideline, you likely shared a laugh with the rest of the world at how badly the supposed luxurious event was organized. With photos of cheese sandwiches and unsafe tents going viral on social media, the legal problems have caught up to founder Billy McFarland and one year later, he's about to go broke because of the scam he had organized.
According to Complex, the Securities and Exchange Commission announced that the Fyre Festival founder had agreed to pay $27.4 million after admitting to defrauding over 100 investors. The press release reveals that McFarland had lied about his personal and business financial success, stating that he had over $2.5 million in personal stock holdings when, in reality, he only had about $1,500 worth. Catering to a crowd of people who wanted to experience a lavish experience in the Bahamas, McFarland strategized to get investors on his side to fund the festival. The SEC wrote, "McFarland used investor funds to bankroll a lavish lifestyle including living in a Manhattan penthouse apartment, partying with celebrities, and traveling by private plane and chauffeured luxury cars."
Some may view the man as successful in his mission to manipulate some of the most successful media companies in the world to invest in his project but with him now agreeing to pay upwards of $27 million, his luck seems to have officially run out.
Last month, McFarland was arrested on fraud charges, catching yet another L in the wake of all the Fyre Festival drama. Over a year in the past, it seems as though the fiasco is not ending anytime soon.
