Fyre Fest Founder Pleads Guilty To Wire Fraud

Peter Castro
March 8, 2018

The promoter of the failed Fyre Festival in the Bahamas - once billed as the "cultural experience of the decade" - pleaded guilty to wire fraud charges Tuesday, agreeing to serve up to a decade in prison for lying to investors who lost over $26 million.

Billy McFarland, promoter of the failed Fyre Festival in the Bahamas, pleaded guilty to wire fraud charges in NY.

He was arrested and charged in late June, accused of using misrepresentations to raise millions of dollars by vastly overstating the app's revenues, the festival's prospects and his own finances. In addition to these aforementioned charges, McFarland and his co-founder Ja Rule were slapped with civil suits after Fyre Festival imploded in April 2017.

According to the United States Department of Justice, McFarland repeatedly lied to investors about Fyre Media's revenue and income, and manipulated the company's financial statements. He then used a subsidiary to begin promoting the festival - planned as a high-end event on the Bahamian island of Exhuma - with pricey tickets that was heavily promoted to well-heeled millennials on social media.

"In order to procure these investments, McFarland provided materially false information", the office said past year.

Pau Gasol Says Marc Gasol Justified With Anger At Grizzlies
San Antonio blew a 15-point lead in a 121-116 loss to New Orleans on Wednesday and was up by 17 against Los Angeles. The Grizzlies' average margin of defeat in their last five games has been 11.6, up from 4.7 for the season.

McFarland apologized to his company, investors, and family, and said he deeply regretted his actions. The festival was promoted by dozens of high profile celebs, including Kendall Jenner, Bella Hadid and Emily Ratajkowski.

McFarland told U.S. District Judge Naomi Reice Buchwald that he took "full responsibility" for Fyre Media and the festival and that he "grossly underestimated the resources that would be necessary" to put on such an event, the Daily News said.

Sentencing is set for June 21. Promised high-end accommodations ended up being plastic tents and less-than-stellar food. He used the same tactics to convince a ticket vendor to pay for $2 million worth of advance tickets for future Festivals over the next three years.

One of the organizers responsible for the "complete disaster" that was Fyre Festival has pleaded guilty to wire fraud, the Associated Press reports.

Other reports by PlayStation Move reviews

Discuss This Article