New York County Judge Joel H. Cohen has ordered Fyre Festival founder Billy McFarland to pay back nearly $3 million to a sponsor of the event. A default judgement was handed out in favor of defrauded investor EHL Funding after McFarland “failed to appear, answer or otherwise move in this action.”
McFarland has been ordered to pay back the nearly $3 million loan plus the contractually stipulated 30 percent interest. EHL Funding is also requesting that McFarland reimburse its attorney fees.
EHL Funding provided McFarland with the loan to put on the music festival, but Fyre stopped paying back the money in April of 2017, the same month the highly-publicized failed event.