Fyre Festival organiser Billy McFarland charged with wire fraud
Source: The Age
New York: Billy McFarland, the entrepreneur behind the Fyre Festival, which was sold as an ultra-luxurious music event in the Bahamas but collapsed spectacularly in April, leaving behind angry ticket buyers, investors and workers, was arrested by federal agents at his home in Manhattan on Friday and charged with one count of wire fraud.
Federal prosecutors said the charge involves a scheme to defraud investors, which included misrepresenting financial information about McFarland's company, Fyre Media. His representatives were not immediately available for comment.
Joon H. Kim, acting US attorney for the Southern District of New York, said in a statement: "McFarland allegedly presented fake documents to induce investors to put over a million dollars into his company and the fiasco called the Fyre Festival." If convicted, McFarland could face a maximum of 20 years in prison, but is likely to receive a lesser sentence.
In addition to the federal charges, McFarland, and Ja Rule, his partner in the venture, face more than a dozen lawsuits. Some included accusations that the men and Fyre Media had included fictitious financial information on documents given to prospective investors.
Read more: http://www.theage.com.au/entertainment/fyre-festival-organiser-billy-mcfarland-charged-with-wire-fraud-20170701-gx2suy.html
= new reply since forum marked as read
