Fyre Festival founder arrested for wire fraud
Billy McFarland has become one of the most infamous names on 2017 entertainment headlines after botching Fyre Festival to almost comically epic proportions. It became evident very quickly how incompetent he’d been at budgeting and organizing festivals when guests who’d spent upwards of $12,000 arrived to find cafeteria food, barren disaster relief tents, and general chaos at the grounds.
Well-off and upset millennials immediately began piecing together class action lawsuits after the madness, however these lawsuits have now become the least of McFarland’s miseries as a brand new scandal has erupted.
The tech financier fell under arrest by federal agents on Friday, June 30 under one charge of wire fraud. According to prosecutors, he’d lied on important documents and inflated his company’s net worth in order to seduce investors. Communications between McFarland and two investor’s who’d poured around $1.2 million into Fyre Media LLC, the festival’s subsidiary company show repeated cases of incorrect information; one in particular showed McFarland claiming his company had earned millions the year before, when in reality it had only netted about $57,000.
McFarland’s arrest came after investigations by the FBI. He’s currently looking at 20 years in prison if found guilty. While Ja Rule has also been implicated in a number of complaints and cases files, he has yet to be arrested.
H/T: New York Times