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Tag: Billy McFarland

  • Billy Mcfarland Released On A Bond Of $300,000 After Defrauding Investors

    Billy Mcfarland Released On A Bond Of $300,000 After Defrauding Investors

    The U.S. Attorney’s Office for the Southern District of New York has today announced they succeeded to arrest Billy McFarland. He is being charged with wire fraud after he collaborated with Ja Rule to defraud a large number of people that had bought expensive tickets to attend the disastrous Fyre Festival.

    The arrest of Billy McFarland was exacted on Friday in New York City. The matter has led to heated debates around the globe with a lot of people expressing mistrust with event organizers.

    The organizer was accused of making “false representations to investors” that had over the years remained loyal to the services provided by Fyre Media LLC. He was also charged in line with defrauding the investors by promising them to attend a mind-blowing festival which they expected to be held in the Bahamas.

    Joon Kim , an Acting Manhattan U.S. Attorney while giving his statement yesterday outlined that the organizer had presented several fake documents in a bid to induce the various investors to put their money in the deal. They had moved ahead to invest over a million dollars into his company.

    While recently speaking to a number of top and trusted news reporters, Kim stated, “William McFarland promised a ‘life changing’ music festival but in actuality delivered a disaster. Thanks to the investigative efforts of the FBI, McFarland will now have to answer for his crimes.”

    McFarland, who is only twenty five of age on Saturday appeared before a judge to answer to the charges leveled against him. Financially, he must have been taken a few miles back considering that the judge ruled that he be released on a bond totaling to $300,000.

    The event organizer according to Denverpost is said to have promoted Fyre Festival as the best thing that could have happened to anyone that chose to invest in it. There was a promise of live music being played, gourmet meals, luxurious accommodations as well as the mingling with top celebrities. It was quite frustrating for the ticket holders to wake up to reality to only find out that it wasn’t real.

  • Billy McFarland, Fyre Festival Founder, Connives With Ja Rule To Defraud Investors

    Billy McFarland, Fyre Festival Founder, Connives With Ja Rule To Defraud Investors

    Billy McFarland, the Fyre Festival founder was on Friday arrested by federal agents over charges of wire fraud. Some four months back, he connived with his team, and according to some trusted sources his business partner Ja Rule was a part of the deal.

    A large number of people had booked their places in the event. They looked forward to an ultra-luxurious music festival. They had been promised that it would take place on a private island in the Bahamas. Some of the most exciting things they hoped to find were gourmet catering and supermodels doing what they do best! The tickets went as far way up to $250,000.All persons that had made the bookings were treated to some rude shock when their dreams turned out to be a disorganized failure.

    According to some trusted sources, the expected day finally arrived and ticket holders moved to the secluded island. That was on late April and it was so frustrating when all they had to meet was a construction site with half-built tents with inadequate water and the feral dogs.

    The acting Manhattan U.S. attorney, Joon Kim while speaking to a number of top news reporters said that McFarland had made great promises to the ticket holders, to only disappoint them at the end with what the attorney termed a disaster.

    A number of the Federal prosecutors have lately opened up in relation to the matter, with most of them firm believers that he gave investors fake documents The motive was to get them to invest more than a million dollars in his company and the festival, whereas at the back of his mind he knew it was a scheme to steal from them.

    According to Huffingtonpost, the Wire fraud charges are usually associated with up to 20 years in jail. However, The New York Times has outlined that McFarland might be serving a shorter sentence after all.

    The event co-founder, Ja Rule may also be facing charges considering that he connived with McFarland and the two went ahead to promote the festival citing that it was going to be a transformational music experience in paradise.