He could also face up to 40 years in prison
Fyre Festival founder Billy McFarland has been ordered to pay $26 million back to the festival’s investors.
The failed festival hit headlines last year, after the first edition of the ‘luxury’ event soon turned into a dystopian nightmare in May.
Despite promising punters luxury accommodation and a line-up that included the likes of Major Lazer, the event quickly descended into chaos when it took place. The company behind it was later forced into bankruptcy.
Appearing in court last week (March 6), McFarland admitted to two counts of wire fraud. Each count faces up to 20 years in jail – sentencing is set for June of this year.
McFarland has now been ordered to repay the $26 million he admitted to stealing from investors, according to a judgment issued against him Friday (March 9) in Manhattan federal court.
The full sentencing for McFarland will take place on June 21.
It has also been revealed that the organiser spent $160,000 on a yacht for headliners Blink-182, who pulled out ahead of the festival regardless.
Other expenses included $18,208 on towels, and $260,000 on carpet for ‘tent city’, which costed around $470,000. Despite these costs, the festival was left without running water when punters arrived on-site.
Ja Rule, who is a business partner of McFarland’s, has not been charged with any offences, but has been named as a defendant in many of the civil lawsuits that have been brought against McFarland, Fyre Festival and Fyre Media since the ill-fated event.