Today it was reported by TMZ that Billy MacFarland, the entrepreneur who founded Fyre Festival only to have it crash and burn in spectacular trainwreck style in the summer of 2017, has pled guilty to two counts of wire fraud.
McFarland appeared in federal court in Manhattan yesterday, after his arrest last July, for his arraignment after he was charged with two counts of wire fraud.
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".
However, with promises of a world class music festival, people scooped up tickets and headed to the Bahamas for Fyre Festival in April 2017.
"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.
According to the US attorney's office, McFarland defrauded investors and a ticket vendor out of more than $26 million.
Instead of plush cabanas, they were set up in "disaster relief tents", and their gourmet food took the form of cheese sandwiches and wilting lettuce. "Those lies included false documents and information", he told U.S. District Judge Naomi Rice Buchwald.
Additionally, McFarland pleaded guilty to lying to a ticket broker, in order to convince him to buy $2 million dollars worth of tickets for future Fyre Festivals. ". I deeply regret my actions, and I apologize to my investors, team, family, and supporters who I let down".
McFarland's sentencing is scheduled for June 21. From facing a $100 million lawsuit to the festival potentially filing lawsuits of their own against festival attendees, we've heard it all.