Billy McFarland, Organizer of Fyre Festival, Pleads Guilty

While McFarland has plead guilty to the wire fraud him and his firm Fyre Media still face more than 12 civil lawsuits and liquidation of the firm as investors and ticket buyers try to recuperate their loses.

McFarland was arrested on June 30 for defrauding investors in Fyre Media Inc., a company he set up to build a digital application to allow organizers to book talent for concert an other events.

The event on the Bahamian island of Exuma was supposed to take place over two weekends last April and May.

Festival-goers paid anything from $490 (day pass) to $250,000 (VVIP) for the two-weekend event, which was heavily promoted by huge Instagram influencers, including Kendall Jenner, Emily Ratajkowski and Bella Hadid.

In a document from the US Department of Justice, it says: "McFarland repeatedly made materially false statements to investors about Fyre Media's revenue and income, and manipulated Fyre Media's financial statements and supporting documentation to hide Fyre Media's true financial condition". But the end result was far from what was promised, with bands bowing out, flights being limited, lodging not being adequate, food being subpar and even restroom facilities being lacking. Customers lashed out on social media with the hashtag #fyrefraud. Each count carries a maximum sentence of 20 years in prison according to federal guidelines, but the actual sentence will be determined by the judge. From facing a $100 million lawsuit to the festival potentially filing lawsuits of their own against festival attendees, we've heard it all.


The U.S. Attorney's Office said McFarland, 26, concocted "a scheme to defraud individuals by inducing them to invest millions of dollars in Fyre Media". Partiers then found themselves stranded on the island with little food or water, and, at times, there was no electricity. Bloomberg also reports that McFarland owes investors more than $26 million.

The entrepreneur behind a luxury music festival in the Bahamas that collapsed in chaos admitted Tuesday that he swindled investors by vastly overstating his financial health.

Prosecutors and McFarland's lawyers agreed that a sentence of 97 to 120 months would be appropriate under his plea deal.

McFarland is free on bail, living with his parents in New Jersey.


Popular
  • Two LeT terrorists, 4 others killed in Shopian; restrictions imposed

    Two LeT terrorists, 4 others killed in Shopian; restrictions imposed

    The mobile internet services have been shut across South Kashmir while high-speed internet has been stopped across the valley. A police spokesman said body of LeT militant AshiqHussainBhat of RakhKapran was recovered from Saidpora in Shopian today.
    Supreme Court fights over forced public union dues

    Supreme Court fights over forced public union dues

    But John Larson, president of the Oregon Education Association, says he doesn't think the prospects are grim for his union. Dueling groups of protesters gathered outside the white marble courthouse ahead of the scheduled one-hour argument.
    15 accused female ISIS members condemned to die by hanging

    15 accused female ISIS members condemned to die by hanging

    Further in December, Iraq claimed victory over the defeat of ISIS which had seized about a third of the country in Iraq . Many foreign women came - or were brought - from overseas to join the ISIS militants in their horrific missions.
  • Eternally Relatable Tiffany Haddish Re-Wears Gown at Oscars

    Eternally Relatable Tiffany Haddish Re-Wears Gown at Oscars

    From the second the women arrived on stage wearing slippers - while holding their heels in their hands - the pair slayed the show. On the red carpet , Haddish donned a traditional Eritrean African dress to honor her later father, Tsihaye Reda Haddish .
    Teacher fires gun in classroom

    Teacher fires gun in classroom

    His encounters with Dalton police led some officers to suspect he was facing mental health issues. That's when Davidson fired the gun and the school was immediately placed on lockdown.
    Japan: Tokyo 2020 Olympics Mascot Unveiled

    Japan: Tokyo 2020 Olympics Mascot Unveiled

    A total of 205,755 classes at 16,769 elementary schools selected the mascots from a shortlist of three design sets. They prance around street fairs, sporting events, and tourist destinations.
  • Congress Refused Coalition, Seat sharing with us in Tripura: Mamata

    Congress Refused Coalition, Seat sharing with us in Tripura: Mamata

    "The voice of the people should be respected and the BJP winning only two seats has proven that people rejected them", he added. To a query, Sarma said he or his party was not a kingmaker as he was only a humble facilitator to form a new government.
    Financing of Trump Tower Vancouver under Federal Bureau of Investigation  scrutiny

    Financing of Trump Tower Vancouver under Federal Bureau of Investigation scrutiny

    She was not present at the opening, having gone on leave from the Trump Organization when her father was about to take office. CNN has learned US counterintelligence officials are scrutinizing one of Ivanka Trump's global business deals.
    Tag: Windows 10 Pro

    Tag: Windows 10 Pro

    If you are looking for the closest alternative to the Macbook , you have to consider the Microsoft Surface series of laptops . The Surface Pro comes with a 12.3-inch PixelSense display with a resolution of 2736 X 1824 pixels and an aspect ratio of 3:2.
  • Chicago Bears buy time, apply transition tag to cornerback Kyle Fuller

    Chicago Bears buy time, apply transition tag to cornerback Kyle Fuller

    Fuller is the most important pending free agent for the team and keeping him would fill one of the major holes on the roster. Although Amukamara has been a solid starter for the past six seasons, Fuller clearly was the better player in 2017.
    BJP will win in Karnataka too: CM Devendra Fadnavis

    BJP will win in Karnataka too: CM Devendra Fadnavis

    Debbarma said it meant proportionate representation of IPFT MLAs in the Cabinet and allocation of major departments to them. Indigenous Peoples Front of Tripura (IPFT) is a tribal-based political party, prevalent in Tripura .
    James Tarkowski in line for Burnley return against Everton

    James Tarkowski in line for Burnley return against Everton

    In typical fashion, many Everton fans took to Twitter to express their feelings over news of McCarthy's return. Sam Allardyce has dismissed supporter backlash in Everton's defeat to Burnley .

CONNECT