The sole good thing that came out of the dumpster fire that was Fyre Festival, minus the memes I guess, was the news that founder Billy McFarland was not going to get away with lying and ripping off tens of thousands of potential festival attendees and investors.
On June 30th he was arrested and officially charged with wire fraud by inducing at least two individuals to invest $1.2 million in two companies associated with the festival – a charge that could result in 20 years in prison convicted.
Fast forward one month and McFarland has since been released on a $300,000 bail while he continues to negotiate with federal officers and Assistant U.S. Attorney Kristy Greenberg in negotiating a plea deal per Billboard. The motion to extend negotiations was filed earlier this week on Monday to Magistrate Judge Gabriel W. Gorenstein who has since approved a 30-day extension.
If the two wire fraud charges weren’t bad enough, McFarland also allegedly “altered” stock ownership from at least one investor to exaggerate the shares he was worth from $1,500 to over $2.5 million.