It's not looking good for Billy McFarland, the 26-year-old behind last year's doomed Fyre Festival, which ended before it began on the Bahamian island of Great Exuma, as he pleaded guilty to two counts of wire fraud on Tuesday (March 6).
As per the Associated Press, McFarland is facing up to a decade in prison. His two counts actually carry up to two decades in prison, but the brains behind the festival entered a plea deal with prosecutors in Manhattan federal court for a lowered sentence and a fine of up to $300,000. "I deeply regret my actions, and I apologize to my investors, team, family, and supporters who I let down," he told U.S. District Judge Naomi Reice Buchwald. "I grossly underestimated the resources that would be necessary to hold an event of this magnitude. In an attempt to raise what I thought were needed funds, I lied to investors about various aspects of Fyre Media and my personal finances. Those lies included false documents and information."
McFarland and Ja Rule partnered on Fyre Media Inc., which was originally a music booking app that eventually became the festival. Contrary to what they delivered, the music affair was promised to include lots of luxury. We're talking yachts, models, treasure hunts and even an appearance from Kendall Jenner. As the story goes, he and Ja Rule booked Jenner and Emily Ratajkowski as guests, offering them titles like "Fyre Starters." Blink-182 and Rae Sremmurd were just a few of the names scheduled to appear.
Photo: Getty Images