Currently serving his six-year sentence after pleading responsible for a number of counts of wire fraud and financial institution fraud, Fyre Festival Founder Billy McFarland has been ordered by a New York choose to pay again a $three million mortgage to former investor EHL Funding.
According to, McFarland stopped mortgage repayments again in April of 2017 instantly after his the disastrous breakdown of his "as soon as in a lifetime" music occasion. In addition to owing the unique $three million mortgage, the contract with the mortgage funding firm stipulates that McFarland should pay 30 per cent curiosity to EHL.
This sum, when added to the extra tens of millions that he's being compelled to pay again to the lots of of traders who supplied funds for his calamitous Fyre Festival scheme, brings McFarland's whole invoice to someplace within the camp of $28 million. This quantity additionally doesn't embrace the $5 million settlement that Fyre Festival attendees Seth Crossno and Mark Thompson gained towards McFarland final 12 months.
Big corporations and traders on Wall Street will not be the one ones who have been affected by the fallout of Fyre Festival. Hundreds of Great Exuma locals nonetheless have but to be compensated for his or her quite a few days of labor when making an attempt to arrange this doomed pageant.
A GoFundMe web page for Exuma Point Bar and Grille supervisor Maryann Rolle, who had to make use of £38,000 ($50,000) of her private financial savings to pay workers following the debacle, was created again in January and raised over £90,000 ($115,521) for the employee. Learn extra concerning the story right here
A Fyre Festival LARP (reside motion position play) is being deliberate in Detroit this 12 months. Learn extra concerning the occasion right here
[:]