14:58, February 08 21 0 usmagazine.com

2019-02-08 14:58:05

 

Fyre Festival's Billy McFarland Ordered to Pay $2.8 Million to Investor

In hot water … again. Fyre Festival cofounder Billy McFarland lost a pricey lawsuit that will require him to refund one of the investors who funded the botched event.

According to court documents obtained by Us Weekly, a judge in New York ordered the businessman, 27, on Thursday, February 7, to pay EHL Funding $2.8 million plus 30 percent interest and the company’s attorney fees.

The ruling was a default judgment because McFarland “failed to appear, answer or otherwise move” in the case.

The entrepreneur is currently serving a six-year prison sentence for wire fraud. He also pleaded guilty to using fake documents to lure investors. Eight lawsuits were filed, while McFarland agreed to forfeit more than $26 million.

Fyre Festival's Billy McFarland Ordered to Pay $2.8 Million to Investors
Billy McFarland attends The 23rd Annual Watermill Center Summer Benefit & Auction at The Watermill Center on July 30, 2016 in Water Mill, NY. Patrick McMullan via Getty Images

Fyre Festival was set to take place in the Bahamas in April 2017. However, when attendees arrived to the “luxury” music event, they were met with disaster relief tents, no musicians, lack of food and utter chaos. Celebrities including Kendall Jenner, Hailey Bieber, Bella Hadid and Emily Ratajkowski promoted the festival on Instagram.

Fyre Fraud and Fyre, Hulu and Netflix’s respective documentaries about the disastrous ordeal and its aftermath, debuted within days of each other in January. The exposure of behind-the-scenes details leading up to the festival — including McFarland’s efforts to raise more and more capital as the event drew near — brought conversation about the viral incident back to the forefront.

Ja Rule, who cofounded Fyre Festival with McFarland, slammed the films shortly after their release. “I love how ppl watch a doc and think they have all the answers …” the rapper, 42, tweeted on January 19, adding: “I had an amazing vision to create a festival like NO OTHER!!! I would NEVER SCAM or FRAUD anyone what sense does that make???”

He continued: “I too was hustled, scammed, bamboozled, hood winked, lead [sic] astray.”

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