The organizer of the festival Fyre Fest Billy McFarland admitted his guilt in two cases of major fraud. In court, he said that he lied to investors and “greatly underestimated the resources needed to hold such a festival.” This is reported by Bloomberg.
Speaking before the court, McFarland admitted that he had deceived about $ 26 million 80 investors and the company that sold tickets. He explained that in an attempt to find the amount of money needed at that time, he “lied to investors about some aspects of Fyre Media and personal finance.”
For every point of fraud Makfarland could be taken into custody for 20 years, but he concluded a deal with the investigation and now in total will be deprived of freedom for 8-10 years with a fine of 300 thousand dollars.
McFarland was detained in August 2017, accusing him of fraud and manipulation of his company’s reporting to investors.
In late April 2017, businessman Billy MacFarland and rapper Ja Rule planned toorganize an exclusive music festival Fyre Fest on one of the Bahamian islands. Guests of the festival were promised great artists, food from a famous chef and comfortable apartments, but there was not a single musician on Fyre Fest, and visitors of the event received broken tents and sandwiches with cheese. The press called the event “the worst festival in history”, and MacFarland in response to this announced plans to try again in 2018.