Billy McFarland, the 26-year-old founder of Fyre Festival, has been sentenced to six years in prison.
McFarland pleaded guilty to wire-fraud charges made against him in relation to Fyre Festival in March. Fyre Festival instantly became infamous after hundreds of attendees were left stranded in the Bahamas.
In June, McFarland was arrested again on charges of selling fake tickets through a different company, called NYC VIP Access, starting in late 2017. He pleaded guilty to those charges in July.
Billy McFarland, the 26-year-old founder of the nightmarish Fyre Festival that left hundreds of attendees stranded in the Bahamas last year, has been sentenced to six years in prison.
“The remorse I feel is crushing,” McFarland said during his sentencing on Thursday, Vice News reported. “I lived every day with the weight of knowing that I literally destroyed the lives of my friends and family.”
According to Vice, victims of his scams also testified against him. One investor, Joe Nemeth, said that McFarland had “financially ruined” his and his wife’s life.
“It took me 20 years of saving my lunch money to save $180,000,” he said in court on Thursday. “I hope the justice system has the last laugh at Mr. McFarland,” he said.
McFarland has been awaiting sentencing since pleading guilty to wire-fraud charges made against him in relation to Fyre Festival in March.
In July, the Securities and Exchange Commission announced that he, along with the two companies he founded (Fyre Media and Magnises), a former senior executive, and a former contractor, had agreed to settle charges made against them in the Fyre Festival case. The SEC said that McFarland admitted to charges that he defrauded more than 100 investors out of $27.4 million and that he agreed to a permanent office-and-director bar.
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Source:: Business Insider