Fyre Festival Founder Fined $27.4M

The founder of a failed Bahamas music festival, Fyre Festival, William Z. “Billy” McFarland, will pay $27.4 million to settle SEC fraud charges. McFarland admitted to defrauding over 100 investors to invest in three businesses owned by McFarland by misrepresenting the financial strength and revenue of his companies, falsely claiming that he had bought cancellation insurance for the Fyre Festival and touting “exclusive, but, in fact, nonexistent” relationships with musicians. Andersen Sleater Sianni represents investors who have been defrauded. Click here for more information.