Fyre Festival puppet master Billy McFarland may not be going to prison (yet, anyway), but he does owe the people he defrauded — via the beautiful, doomed disaster that was the one-percenter island music festival, and before that, the fake influencer credit card company Magnises — to the tune of $27.4 million.
Following news of McFarland’s guilty plea on two counts of wire fraud earlier this year, the Securities and Exchange Commission has settled with him and two of his lieutenants, Grant Margolin (his CMO) and Daniel Simon (an independent contractor), after alleging that the trio had fraudulently hoovered up money from more than 100 investors by misrepresenting themselves. The quote from the SEC’s latest press release is choice:
M...
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