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Things just got so bad for Billy McFarland, he probably wishes that he was back at Fyre Festival right about now.
McFarland, who organized the disastrous Fyre Festival that made headlines last year, has pleaded guilty to two counts of wire fraud, a spokesman for the U.S. attorney’s office for the southern district of New York told TheWrap on Tuesday.
McFarland faces a potential maximum sentence of 40 years.
McFarland was initially charged in July 2017. According to the U.S. attorney’s office, McFarland engaged in a scheme to defraud investors in company Fyre Media LLC, as well as a related entity responsible for organizing the festival, which took place in the Bahamas.
According to the U.S. attorney’s office, McFarland defrauded investors and a ticket vendor out of more than $26 million.
“As he admitted today, William McFarland tendered fake documents to induce investors and a ticket vendor to put more than $26 million into his company and the disastrous Fyre Festival,” Geoffrey S. Berman, U.S. attorney for the southern district of New York, said in a statement Tuesday. “He now awaits sentencing for his admitted swindle.”