Source: Page Six
Notorious Fyre Festival promoter Billy McFarland pleaded guilty Tuesday for duping investors of the failed Bahamas music soiree and has agreed to forfeit over $26 million.
McFarland, 26, copped to two counts of wire fraud — which would have carried a maximum prison sentence of 20 years each if he was convicted at trial — for using bogus documents to lure investors to what was billed as a luxe festival on the island of Exuma island over two weekends in April and May of 2017.
Under the guidelines to which prosecutors and defense lawyers have agreed, McFarland now faces as much as eight to 10 years in prison at his June 21 sentencing.
Under the terms of the plea deal McFarland has agreed to pay $26,040,099 in cash and asset forfeitures to the federal government.
McFarland — who appeared in Manhattan federal court notably thinner — admitted to his crimes, saying, “Today, your Honor, I am accepting full responsibility for several serious mistakes that I made in my role as the head of Fyre Media and Fyre Festival,” he told the judge.
McFarland went on to say, “I lied to investors about…
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