The organizer behind the year’s biggest festival debacle, Fyre Festival, has been arrested and charged with one count of wire fraud.
Federal prosecutors announced Mr. McFarland had been charged in connection with a scheme to defraud investors, which included misrepresenting financial information about his company, Fyre Media. His representatives were not immediately available for comment.
Uh yeah, no shit on that “not immediately available for comment” part. Nobody would want to touch this guy with a 10-foot pole at this point. And it’s crazy to think that I actually thought all of this would just sorta be a 15-minutes-of-fame meme and that would mostly be the end of it. But then the lawsuits started rolling in, and then there was talk of the Feds!
According to Friday’s announcement from prosecutors, in 2016 and 2017, Mr. McFarland induced at least two people to invest about $1.2 million in Fyre Media and another entity, using inflated revenue and income numbers. He claimed that Fyre Media had earned millions of dollars from thousands of artist bookings made through Fyre’s system.
The article goes on to state that he had really only earned about $60K, so it’s pretty wild to see how in over his head this guy got.
Read the full New York Times story for more detail…