Joon Kim, the Acting United States Attorney for the Southern District of New York — coincidentally the attorney who has replaced the man fired for digging around Donald Trump‘s sketchy holdings — released a statement on Friday confirming that McFarland had been arrested for allegedly defrauding investors of millions of dollars.
“As alleged, William McFarland promised a life changing’ music festival but in actuality delivered a disaster. McFarland allegedly presented fake documents to induce investors to put over a million dollars into his company and the fiasco called the Fyre Festival. Thanks to the investigative efforts of the FBI, McFarland will now have to answer for his crimes.”
The Fyre Festival was a disaster from the start, leaving hundreds of young people stranded on an island in the Bahamas with little food, water, or shelter, but it’s the investor side that’s got McFarland in HUGE trouble here.
See, when he was trying to get people to invest in his idea, he allegedly told a few potential investors that his company was worth WAY more than it really was — to the point where he eventually got them to put up $1.2 million for the festival based on the (false) assertion that Fyre was making millions of dollars in revenue.
In reality, his company had made just $60,000 over the previous twelve months.
Even more damaging, too, McFarland appears to have doctored a brokerage statement to show he owned more than $2.5 million in Facebook stock when, in reality, he owned just $1,400 worth of shares.
And STILL worse for the poor bastard, his legal team — Hughes, Hubbard & Reed LLP — announced on Wednesday that they no longer wanted to be representing him, either.
The shit hits the fan…
Then again, look back at this absurd promo video — we still can’t believe this ridiculous shit worked to deceive anybody (below):
You’re in big trouble now, Billy McFarland — and it sounds like you deserve every damn bit of it!
What do U think, Perezcious readers?! Let us know in the comments (below)!!!
[Image via Twitter.]
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