Billy McFarland to Finish Fyre Festival Partying in Prison

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McFarland plead guilty in a Manhattan court earlier today.

"I grossly underestimated the resources that would be necessary to hold an event of this magnitude".

As reported by Bloomberg, McFarland told a United States judge,"My intention and effort was directed to organizing a legitimate festival".

Prosecutors said McFarland misrepresented the Fyre Festival to investors to secure money for the event, claiming that investors would have the rights to payouts from event cancellation insurance policies "when, in reality, no event cancellation insurance policies had been executed for the festival".

"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", he added. The upstart festival, launched by a would-be tech entrepreneur, Billy McFarland, and rapper, Ja Rule, promised headliners like Blink-182, Migos, and Major Lazer, spread over two weekends on a lush private island, "once owned by Pablo Escobar" in the Bahamas' Exumas district.

The Fyre Festival was promoted as a two-weekend event on the island of Great Exuma with an opportunity to see big name acts, live in luxury accommodations and eat gourmet food.

Now, McFarland has (FINALLY!) admitted to using fake documents to attract investors. In the meantime, he also reportedly faces lawsuits from attendees and investors of the festival. Bloomberg also reports that McFarland owes investors more than $26 million. Each count carries a maximum sentence of 20 years in prison according to federal guidelines, but the actual sentence will be determined by the judge.

A "lack of adequate food, water, shelter, and medical care created a unsafe and panicked situation among attendees - suddenly finding themselves stranded on a remote island without basic provisions ― that was closer to "The Hunger Games" or "Lord of the Flies" than Coachella", a concertgoer's class-action lawsuit alleged. "He now awaits sentencing for his admitted swindle".

Prosecutors and McFarland's lawyers agreed that a sentence of 97 to 120 months would be appropriate under his plea deal.

McFarland is free on bail and living with his parents in New Jersey.



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