Fyre Festival Founder, Failure Billy McFarland Arrested On Charges Of Wire Fraud
When Billy McFarland teamed up with Ja Rule for the luxury Fyre Festival, he probably couldn’t have predicted just how big of a mess this ordeal would become. But based on the new charges filed on suspicion of wire fraud, it sounds like he may have had some ill-intent after all.
Tickets for the failed festival started at $1,200 and some went in the six-figure range, with promises of supermodels, villas, gourmet catering and more on the exclusive island in the Bahamas to hear Blink-182, Major Lazer, Migos and others.
But attendees arrived to see disaster relief tents for shelter, pieces of bread for nourishment, and Port-A-Potties to then, well, you get the picture. It’s no surprise the festival was cancelled as attendees attempted to evacuate. There’s even a nasty email trail that could have prevented all of this. It’s also no surprise there was a $100 million class-action lawsuit filed.
If you thought signs pointed to a scam then, the new details should seal the deal. McFarland reportedly actually cheated investors with an altered statement showing he had $2.5 million in shares to personally guarantee the investment. In reality, those shares equated to just $1,500. He also reportedly lied about his company Fyre Media earning millions in artist bookings – it was actually only $60,000 from ~60 bookings.
He faces up to 20 years in prison, but will likely receive less. Ja Rule is not a person of interest in this investigation as it’s not his net worth or company in question. Will be interesting to see how this develops. Will the festival return in 2018 as promised?