Fyre Festival organizer Billy McFarland pleaded guilty to wire-fraud charges in March. He will be sentenced on Thursday.
The 26-year-old was arrested in June 2017 after being accused of misleading investors who had poured investment into Fyre Media, the company behind the Fyre Festival.
On Tuesday, July 24, the SEC announced that McFarland, two companies he founded, a former senior executive, and a former contractor had agreed to settle the fraud charges made against them. According to the SEC’s press release, McFarland admitted to charges that he defrauded more than 100 investors out of $27.4 million.
Here’s a look back at what happened at the Fyre Festival.
Billy McFarland, the 26-year-old founder of the nightmarish Fyre Festival that left hundreds of attendees stranded in the Bahamas, is paying his dues.
On Tuesday, the SEC announced in a press release that McFarland, two companies he founded, a former senior executive, and a former contractor agreed to settle the charges made against them. According to the SEC’s press release, McFarland admitted to charges that he defrauded more than 100 investors out of $27.4 million and agreed to a permanent office-and-director bar. The SEC’s charges were related to McFarland’s running of Fyre Media, the company behind the Fyre Festival, and Magnises, an events and membership company.
McFarland will be sentenced on related criminal charges on Thursday. He pleaded guilty to wire-fraud charges in March and could spend eight to 10 years in prison in addition to paying a fine, according to Bloomberg.
On June 12, McFarland was arrested again on charges of selling fake tickets under a different company, called NYC VIP Access, starting in 2017. If convicted on the additional fraud charges, McFarland could face an extended prison sentence, likely of an additional two years, according to Time.
Fyre Festival promised to offer attendees a VIP experience when they set off to Great Exuma in the Bahamas. But the reality was very different, as attendees encountered delayed flights, half-built huts to sleep in, and cold cheese sandwiches to eat. And that doesn’t even include the disastrous trip home.
The luxury festival — tickets for which started at $1,200 — was advertised as two weekends in paradise, but it turned into a nightmare. Take a look at festivalgoers’ expectations compared with the reality they encountered, which is currently being developed into a TV series for Hulu.
And here’s the full Fyre Festival promo video:
Youtube Embed:http://www.youtube.com/embed/mz5kY3RsmKoWidth: 560pxHeight: 315pxThe three-day party was supposed to be on a private beach on the island of Great Exuma in the Bahamas.
It was supposed to be over two weekends in 2017: April 28-30 and May 5-7.
It was described as an “immersive music festival.”
See the rest of the story at Business Insider
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