The Securities and Exchange Commission announced on Tuesday that New York entrepreneur William Z. (Billy) McFarland, two companies he founded, a former senior executive, and a former contractor have all agreed to settle charges arising out of an extensive, multi-year offering fraud that raised at least $27.4 million from more than 100 investors.
If McFarland’s name rings a bell, it may very well be because he gained international notoriety after his Fyre Festival, marketed as an upscale music festival in the Bahamas, devolved into a disaster area with stranded attendees, no-show entertainers and celebrities, not enough water, and bologna sandwiches often substituting for the gourmet meals initially promised.
