billy mcfarland

The creepwalk continued this week as judges ordered massive penalties against imprisoned “Pharma Bro” Martin Shkreli and now it’s his fellow tabloid baby’s turn.

CNBC’s Christine Wang is reporting that Billy McFarland, the 26 year old lugheaded millennial behind last year’s disastrous Fyre Festival, pled guilty today to charges of misleading investors in the run-up to Fyre’s tropical meltdown.

 

McFarland apologized to his company, investors and family and said he deeply regretted his actions. He also agreed to forfeit more than $26 million. U.S. attorney Geoffrey Berman said, “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. He now awaits sentencing for his admitted swindle.”

 

Lest you think that running a fake festival is more lucrative than a real one, McFarland’s loot obviously didn’t come from ticket receipts, despite all that Instagram influencer juice from Bella Hadid and Emily Ratajkowski:

 

For example, the Fyre Media CEO provided falsified documents that claimed millions in income earned from talent bookings. But in reality, the company only earned $57,443 for that period. McFarland also presented documents claiming more than 2,500 confirmed talent bookings in one month, when only 60 were confirmed in an entire year.

 

Under McFarland’s plea deal, prosecutors are seeking a sentence of 97 to 120 months, though a judge could always disregard it and sentence him to more.

Never forget.

Related: They’re making a documentary about Fyre Festival

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