01 July, 2017
Federal agents on Friday arrested Billy McFarland, the businessman behind the botched Fyre Festival, on charges of wire fraud.
"McFarland promised a "life changing" music festival but in actuality delivered a disaster", Kim said in a statement. The would-be entrepreneur had claimed to have made millions from artist bookings, though the Justice Department statement claims Fyre Media had actually made less than $60,000 in that time.
The 25-year-old is expected to be presented before U.S. Magistrate Judge Kevin N. Fox Saturday. "Thanks to the investigative efforts of the FBI, McFarland will now have to answer for his crimes". In addition to this initial business venture, McFarland went one step further in establishing a subsidiary of the company, Fyre Festival LLC.
The promoter behind a failed music festival in the Bahamas has been arrested in NY on a wire fraud charge. Prosecutors say he did own shares of the stock - but only $1,500 worth.
An attorney who has represented McFarland did not immediately respond to an email requesting comment. Michael Levine, a Westchester attorney, is listed as McFarland's incoming attorney in a signed affidavit in the Itkin case.
