Bro responsible for Fyre Festival pleaded guilty to fraud
Remember the absolute failure that was the overhyped, under-delivered Fyre Festival? Just under a year from that fateful weekend, the business bro responsible is being held accountable.
Per a report from the New York Times, festival organizer Billy McFarland pleaded guilty to fraud on Tuesday in New York. As he told Judge Naomi Reice Buchwald, McFarland admits he, “lied to investors about various aspects of Fyre Media and [his] personal finances” and that he regretted doing so.
SEE ALSO: Party, down: Fyre Festival founder Billy McFarland arrested and charged with wire fraud
So, how exactly did McFarland misrepresent himself and his company Fyre Media? Per the Times, he fabricated financial documents to entice investors, claiming his company had millions to spend on talent for the festival, and claiming he himself had the wherewithal to offer financial support as well. Turns out, neither was true, and now McFarland’s likely to pay for it. His sentencing is set for late June. Read more…More about Business, Culture, Culture, Music, and Web Culture
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