Ever worried a canceled event won’t pay you back? …the shafted souls of Fyre Fest knows your pain all too well.
To this day, several thousands of essential scam victims were stranded, embarrassed, and left more broke than before thanks to the big blunder in the Bahamas…but it’s thanks to this famous, almost literal shipwreck that the collective festival population found themselves out of $27.4 million. Luckily for them, Mike McFarland and co independent contractor Daniel Simon have been charged by the court for “violating the antifraud provisions of the federal securities laws,” and need to pay that money up to the attendees. Mc Farland has also been banned from serving as an officer or director of a public company. The full press release by the SEC’s enforcement division reads as follows:
McFarland induced investors to entrust him with tens of millions of dollars by fraudulently inflating key operational, financial metrics and successes of his companies, as well as his own personal success – including by giving investors a doctored brokerage account statement purporting to show personal stock holdings of over $2.5 million when, in reality, the account held shares worth under $1,500.
Read the whole release here!