Author: Richard Gonzales / Source: NPR.org
Concert promoter Billy McFarland, who promised to stage a “life-changing” Caribbean music festival in the Bahamas last year and instead presided over a fiasco, pleaded guilty to two counts of wire fraud and faces up to a decade behind bars.
A contrite McFarland admitted in a Manhattan federal court that he had defrauded 80 investors and falsified documents to secure more funds to put on the 2017 Fyre Festival.
“I deeply regret my actions, and I apologize to my investors, team, family and supporters who I let down,” he said as quoted by the Associated Press.
The two counts of wire fraud each carry a maximum of 20 years in prison. But under the plea agreement, McFarland likely would face a sentence of eight to 10 years, and a fine of up to $300,000.
The Fyre…
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