It says the accusers offered a “misleading narrative” based on “cherry-picked” documents.
Billy McFarland’s 2017 festival began with promises of music and luxury and descended into chaos.
The former portfolio manager accepted gifts in exchange for steering billions of dollars in business to their firms.
Michael Scronic claimed to run the Scronic Macro Fund from his home for seven years.
The judge called the verdict "substantially flawed" a few hours after a jury found Jennifer Sharkey was fired illegally.
She told jurors the experience was "like your whole life is taken away from you."
The advisor has contended she was fired for raising red flags about fraud and money laundering.
Michael Scronic is accused of cheating at least 45 friends and acquaintances who put money in his phony fund.
Billy Walters, 71, was convicted in April of trading on illicit tips he got from his golf buddy.
The case entangled pro golfer Phil Mickelson, who paid back almost $1 million he earned from insider information.
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