Billy McFarland Must Now Pay $three Million with Interest over Unpaid Fyre Festival Loan

Things simply hold getting worse for Fyre Festival founder Billy McFarland.

A county court docket in New York has dominated towards embattled convicted felon Billy McFarland.

New York County Judge Joel H. Cohen McFarland didn't “seem, reply, or make a transfer” in EHL Funding’s lawsuit.

EHL Funding, a Fyre Festival sponsor, had filed a lawsuit towards the beleaguered entrepreneur over his failure to pay.  EHL had loaned McFarland $three million to carry the failed music competition.

In court docket paperwork, the lenders wrote organizers stopped paying again the mortgage after April 2017.  This occurred shortly earlier than the disastrous occasion.

Investors had pulled organizers into an involuntary Chapter 7 chapter in July 2017.  The firm had filed the lawsuit as soon as a court docket granted EHL an order of aid within the chapter case.

EHL has additionally requested the court docket to drive McFarland to pay attorneys’ charges.  Cohen wrote a judicial listening to official will decide who pays the charges.

Cohen dominated McFarland should now pay EHL $2.9 million together with 30% in curiosity.

McFarland is at present serving a 6-year jail sentence after pleading responsible to wire fraud.  He additionally pleaded responsible to falsifying paperwork to draw new buyers.  A court docket dominated he should serve the sentence and pay $26 million in forfeiture.

Nevertheless, McFarland, together with Jeffrey Atkins – higher generally known as Ja Rule – and Robert Nemeth face a number of lawsuits.  These embody a $100 million class-action lawsuit in California, and a $5 million putative class motion lawsuit in Miami.

Once Netflix and Hulu aired their respective Fyre Festival documentaries, referring to the disastrous occasion, Ja Rule took to social media to color himself as a sufferer of McFarland.

I like how ppl watch a doc and assume they've all of the solutions.

I had a tremendous imaginative and prescient to create a competition like NO OTHER!!!  [and] would NEVER SCAM or FRAUD anybody what sense does that make???

I too was hustled, scammed, bamboozled, hoodwinked, and led astray.

You can view the ruling under.