Founder of disastrous Fyre festival ordered to repay investors $26 million
The order comes after the tech entrepreneur pled guilty to two counts of wire fraud.
Billy McFarland, the founder of the Fyre festival, has reportedly been ordered to repay the $26 million investors gave him after admitting in court that the money was obtained using documents that falsified his financial standing.
The ruling arrives after the tech entrepreneur pled guilty to two counts of wire fraud in connection to the festival, which was originally billed as a luxury live music experience in the Bahamas.
As reported, McFarland accepted a plea deal and faces eight to ten years in prison. It was originally reported that he was facing a maximum sentence of 40 years. His sentencing will take place on June 21.
The ruling to pay back the $26 million arrives on Friday (March 9). Several lawsuits have been filed against the founder of the disastrous festival, and the company that owns the LLC has been forced into filing Chapter 7 bankruptcy.
“I deeply regret my actions, and I apologize to my investors, team, family, and supporters who I let down,” McFarland reportedly said in court, while accepting the deal.
The ill-fatedfestival left attendees in the Bahamas without “adequate food, water, shelter, and medical care” last year, resulting in the ongoing litigation.