Billy McFarland
American co-founder of the Fyre Festival, convicted of wire fraud in 2018
- Entries
- 12
- On the record
- 10
- Stories
- 2
- Latest entry
- Jul 15, 2025
The record
Billy McFarland, legal name William Z. McFarland, ran the companies Fyre Media and Magnises as well as the failed Fyre Festival in the Bahamas. When he pleaded guilty in Manhattan federal court on March 6, 2018, prosecutors said his false documents had induced investors and a ticket vendor to put more than $26 million into his company, and that at least 80 investors lost more than $24 million. He agreed to forfeit more than $26 million.
The documents were specific. Records he supplied claimed millions in income from talent bookings when the company earned $57,443 over the period, and more than 2,500 confirmed bookings in a month when only 60 were confirmed in a year. False income statements also won $2 million in advance ticket money from a vendor. In court he accepted full responsibility and admitted fraudulent behavior, while saying his intentions for the festival had been legitimate.
In the SEC's parallel case he admitted the allegations, including handing investors a doctored brokerage statement showing more than $2.5 million in stock when the account held under $1,500. Fyre's marketing chief Grant Margolin and contractor Daniel Simon settled without admitting or denying the charges. After his release in 2022 he sold the Fyre brand on eBay in July 2025 for $245,300, saying he would continue to pay restitution.
Roles and honours on the record
Every entry, newest first
- Filed
Released early from prison to a halfway house on March 30, 2022 Fyre Festival's Billy McFarland: $26M forfeited, brand sold
- Ruled
Sentencing in US v. McFarland Fyre Festival's Billy McFarland: $26M forfeited, brand sold
- Ruled
SEC settlement: McFarland admitted the allegations, agreed to $27.4M disgorgement and a permanent officer-and-director bar (subject to court approval) Fyre Festival's Billy McFarland: $26M forfeited, brand sold
- Ruled
Civil judgment, Crossno v. McFarland Fyre Festival's Billy McFarland: $26M forfeited, brand sold
- Ruled
Sentenced to six years in prison after pleading guilty to wire fraud over Fyre Festival, per Oxygen citing the AP. Biggest creator scandals ranked: MrBeast suit first, Fyre second
- Filed
Class-action complaint, Jung v. McFarland and Ja Rule Fyre Festival's Billy McFarland: $26M forfeited, brand sold
Stories in this file
Influencer ยท ๐ฒ Biggest creator scandals ranked: MrBeast suit first, Fyre second
Only two of seven entries are court-decided. The MrBeast complaint is an unproven filing; his reps declined TIME's request for comment. ๐ฃ๏ธ
Business ยท ๐๏ธ Fyre Festival's Billy McFarland: $26M forfeited, brand sold
He served under four years of a six-year sentence, then tried Fyre II, an eBay auction and a Honduras reboot. The new owner hasn't said what's next. โณ
The record, entry by entry
- 2018-03-06 Admitted McFarland pleaded guilty in Manhattan federal court to misleading investors. Prosecutors said at least 80 investors lost more than $24 million, and he agreed to forfeit more than $26 million. CNBC report
- 2018-03-06 Admitted The falsified records claimed millions in talent-booking income when the company earned $57,443, and more than 2,500 confirmed bookings in a month when 60 were confirmed in a year; false income statements also got $2 million in advance ticket money from a vendor. CNBC report
- 2018-03-06 Admitted In court he accepted full responsibility, admitted fraudulent behavior and apologized, but said he had grossly underestimated the resources the festival needed and that his intentions were legitimate. CNBC report
- 2018-07-24 Admitted Settling with the SEC, McFarland admitted giving investors a doctored brokerage statement showing over $2.5 million in stock when the account held under $1,500; investor money paid for a Manhattan penthouse and private air travel, the SEC said. SEC press release 2018-141
- 2018-07-24 Official Fyre chief marketing officer Grant Margolin took a seven-year officer-and-director bar and a $35,000 penalty, and contractor Daniel Simon a three-year bar, both without admitting or denying the charges; Fyre Media and Magnises also settled. SEC press release 2018-141
- 2025-07-15 Reported The Fyre brand sold on eBay for $245,300 after 175 bids; McFarland said he would continue to pay restitution to those owed from the first festival. A planned Fyre Festival II had been postponed after tickets were sold, NBC News reported. NBC News report
Documents
Sources behind this file
- Business Insider report, PHNX festival
- NBC News report, Fyre brand sold on eBay for $245,300
- Vanity Fair interview with McFarland
- Billboard report, release to halfway house
- Oxygen report on McFarland's sentence
- DOJ (SDNY) press release, six-year sentence
- SEC press release, $27.4M offering-fraud settlement
- Variety report, $5M default judgment (Crossno and Thompson v. McFarland)
- DOJ (SDNY) press release, guilty plea
- The New York Times report on McFarland's bail hearing
- Variety report, Geragos $100M class-action (Jung v. McFarland and Ja Rule)