> The Securities and Exchange Commission today announced that New York entrepreneur William Z. (Billy) McFarland, two companies he founded, a former senior executive, and a former contractor agreed to settle charges arising out of an extensive, multi-year offering fraud that raised at least $27.4 million from over 100 investors.<p>So the issue is already settled, and the 24.7M is just the fraud, not the penalty.<p>> McFarland has admitted the SEC’s allegations against him, agreed to a permanent officer-and-director bar, and agreed to disgorgement of $27.4 million, to be deemed satisfied by the forfeiture order entered in McFarland’s sentencing in a related criminal case. Margolin, Simon, Fyre Media, and Magnises agreed to the settlement without admitting or denying the charges. Margolin has agreed to a 7-year director-and-officer bar and must pay a $35,000 penalty, and Simon has agreed to a 3-year director-and-officer bar and must pay over $15,000 in disgorgement and penalty. The settlements are subject to court approval.<p>I don't know what the forfeiture case involved, but this looks like a slap on the wrist given the numbers involved.<p>EDIT:
> McFARLAND, 26, of New York, New York, pled guilty to two counts of wire fraud, each of which carries a maximum sentence of 20 years in prison, and consented to a forfeiture order in the amount of $26,040,099.48.<p>from: <a href="https://www.justice.gov/usao-sdny/pr/william-mcfarland-pleads-guilty-manhattan-federal-court-defrauding-investors-and-ticket" rel="nofollow">https://www.justice.gov/usao-sdny/pr/william-mcfarland-plead...</a><p>That forfeiture does NOT look like a slap on the wrist