Fyre Fest Founder Pleads Guilty To Wire Fraud

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As reported by the BBC, McFarland has admitted to using fake documents in order to persuade investors to put more than £18.7 million into his Fyre Media Inc company.

In his plea deal, McFarland agreed not to appeal any sentence between 8 to 10 years.

The event on the Bahamian island of Exuma was supposed to take place over two weekends last April and May. Remember when he announced he was going to make it up to ticket holders by having another Fyre Festival in 2018?

The app allowed individuals organizing commercial events, such as concerts, to bid for artist and celebrity bookings at such events. The reaction by angry concertgoers on social media turned the event into an embarrassing failure.

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Rapper Ja Rule and McFarland are pictured together far right.

Now, documents obtained by The Post show that promoter Billy McFarlane's budgetary - despite failing to factor in costs for toilets, the organiser spent $160,000 on a yacht for headliners Blink-182, who pulled out ahead of the festival regardless.

"I deeply regret my actions, and I apologize to my investors, team, family and supporters who I let down", McFarland told U.S. District Judge Naomi Reice Buchwald in Manhattan.

The "upscale" accommodations consisted of half-built tents, cheese sandwiches and rat droppings covering the ground.

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Tickets for the fest ranged in price from $1,500 to an eye-popping $250,000.

On Tuesday (March 6) McFarland addressed the charges in a statement in federal court. The end result was a festival that resembled Apocalypse Now and which faced a rash of lawsuits for failing to deliver on promises.

A statement released by Joon Kim, the acting United States attorney for the Southern District of NY at the time of McFarland's arrest, said McFarland told investors that Fyre Media earned millions of dollars from thousands of artist bookings in 2016 and 2017, but in reality the company had brought in less than $60,000 from about 60 artist bookings.

'Thanks to the investigative efforts of the FBI, McFarland will now have to answer for his crimes'. McFarland also claimed the festival booked 2,500 acts in one month, when they only booked 60 for the whole year.

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