Fyre Fest Promoter Billy McFarland Ordered to Pay Extra Than $three Million to Former Investor
New York County Decide Joel H. Cohen has ordered Fyre Pageant founder Billy McFarland to pay again practically $three million to a sponsor of the occasion. A default judgement was handed out in favor of defrauded investor EHL Funding after McFarland “failed to look, reply or in any other case transfer on this motion.”
McFarland has been ordered to pay again the practically $three million mortgage plus the contractually stipulated 30 p.c curiosity. EHL Funding can also be requesting that McFarland reimburse its lawyer charges.
EHL Funding supplied McFarland with the mortgage to placed on the music competition, however Fyre stopped paying again the cash in April of 2017, the identical month the highly-publicized failed occasion.
McFarland can add the brand new debt to the greater than $24 million he owes after his SEC settlement. Final July, McFarland, his former companies (millennial-directed bank card firm Magnises and Fyre Media), a former govt and a former contractor had been charged with fraud for deceptive over 100 traders into offering no less than $24.7 million for his or her failed companies.
Additionally in July, Fyre Pageant attendees Seth Crossno and Mark Thompson received a $5 million settlement towards McFarland after he failed to reply to court docket proceedings for over a 12 months. Crossno and Thompson are the primary of the competition’s victims to acquire a judgment towards McFarland, who every had been awarded $1.5 million in compensatory damages for flights, motels and psychological anguish, ache and struggling. They had been every additionally awarded an extra $1 million in punitive damages.
In October, McFarland pleaded responsible to fraud and is now serving a six-year sentence in a jail in New York.