Fyre Festival Promoter Billy McFarland Pleads Guilty To Fraud

[tenderfoot]

Concert promoter Billy McFarland, who promised to stage a "life-changing" Caribbean music festival in the Bahamas last year and instead presided over a fiasco, pleaded guilty to two counts of wire fraud and faces up to a decade behind bars.

A contrite McFarland admitted in a Manhattan federal court that he had defrauded 80 investors and falsified documents to secure more funds to put on the 2017 Fyre Festival.

"I deeply regret my actions, and I apologize to my investors, team, family and supporters who I let down," he said as quoted by The Associated Press.

The two counts of wire fraud each carry a maximum of 20 years in prison. But under the plea agreement, McFarland likely would face a sentence of eight to 10 years and a fine of up to $300,000.

<snip>

McFarland also pleaded guilty to lying to an unnamed ticket broker to persuade him to buy $2 million for a block of advance tickets to Fyre festivals that would be staged in the future.

"In addition to prison time, McFarland and Fyre Media face more than a dozen civil suits and an ongoing bankruptcy liquidation of the company, as investors and ticket buyers try to recover some of their losses," Bloomberg reports.

[petronius]

1. That...is an exceedingly punch-worthy face!

But I almost feel like I owe him a donation, for all the free lulz he's given over the last year...

[gratuitous]

2. Whaddya mean, "fraud"? Billy told the stone truth, man

If this hasn't been "life changing" for young Billy, I don't know what would be.