Fyre Festival Founder Faces Up to 40 Years in Prison

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He was charged with two counts of wire fraud and two counts of making false statements to a bank.

"While my intention and effort was directed to organizing a legitimate festival, I grossly underestimated the resources that would be necessary to hold an event of this magnitude", McFarland told U.S. District Judge Naomi Reice Buchwald.

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

McFarland said that he meant to organize "a legitimate festival" when he planned the Fyre Festival as an outgrowth of a digital application he launched in May 2016 to help concert promoters and private individuals directly book musicians for concerts. Further, he lied and told them that a famous venture capital vetted Fyre Media and made a decision to invest in it.

The disgraced promoter of Fyre Festival spent over $150,000 of his budget on a yacht for Blink-182, according to newly obtained files.

"In order to procure these investments, McFarland provided materially false information", the office said previous year.

The "upscale" accommodations consisted of half-built tents, cheese sandwiches and rat droppings covering the ground.

It is weird to think that it was nearly a year ago when we witnessed the social media meltdown of the century.

Each count of wire fraud carries a maximum sentence of 20 years, but McFarland would most likely face eight to 10 years in prison plus a fine of up to $300,000 under the plea deal, according to Bloomberg. McFarland may spend a decade in prison after admitting he defrauded 80 investors and a ticket broker out of more than $26 million. In the meantime, he also reportedly faces lawsuits from attendees and investors of the festival.

'McFarland allegedly presented fake documents to induce investors to put over a million dollars into his company and the fiasco called the Fyre Festival, ' Kim said.

The entrepreneur behind a luxury music festival in the Bahamas that collapsed in chaos admitted Tuesday that he swindled investors by vastly overstating his financial health.

McFarland is free on bail, living with his parents in New Jersey. As of now, MacFarland will be sentenced in June.

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