Failed Fyre Festival Felonious Founder Fetches Fraud, Facing Fourty Years - Sensationalist Headlines

[QUOTE]Billy McFarland, organizer of last year’s disastrous Fyre Festival, pleaded guilty to misleading his company’s investors in a New York court today, according to multiple media reports. He was charged with two counts of wire fraud. Prosecutors and McFarland’s lawyers reached an agreement that a 97-to-120-month sentence, although judges are not required to follow that plea agreement. He faces up to 40 years in prison. McFarland’s hearing is set for June. He was arrested last June and pleaded not guilty to the charges in October. Today, he acknowledged that he engaged in fraudulent behavior and apologized.[/QUOTE] [URL="http://variety.com/2018/biz/news/fyre-festivals-billy-mcfarland-pleads-guilty-faces-40-year-sentence-1202719944/"]source[/URL] For those of you who don't know what Fyre Festival is, watch this: [media]https://www.youtube.com/watch?v=UBPg5ftCMv8[/media]

It wasn't just him alone. I wonder if we'll hear anything from anyone else involved.

Some more information from the US Attorney's Office [url]https://www.justice.gov/usao-sdny/pr/william-mcfarland-pleads-guilty-manhattan-federal-court-defrauding-investors-and-ticket[/url] [QUOTE]U.S. Attorney Geoffrey S. 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.” McFARLAND was the founder and chief executive officer of Fyre Media. In 2016, McFARLAND started Fyre Media to build a digital application that would allow individuals organizing commercial events, such as concerts, to bid for artist and celebrity bookings at such events. From at least in or about 2016, up to and including in or about May 2017, McFARLAND conducted a scheme to defraud individuals by inducing them to invest millions of dollars in Fyre Media. Through this scheme, [B]McFARLAND caused losses to at least 80 victim-investors, totaling more than $24 million dollars[/B]. McFARLAND orchestrated this scheme through several means and methods. McFARLAND repeatedly made materially false statements to investors about Fyre Media’s revenue and income, and manipulated Fyre Media’s financial statements and supporting documentation to hide Fyre Media’s true financial condition. McFARLAND represented to investors that Fyre Media had earned millions of dollars of revenue solely from talent bookings; a review of Fyre Media’s records shows that those numbers were significantly overstated. McFARLAND also provided falsified income statements to investors that purported to show that from approximately April 2016 to February 2017, Fyre Media had earned millions of dollars in income from talent bookings. In reality, Fyre Media’s income from talent bookings from approximately May 2016 to April 2017 was only $57,443. In addition, McFARLAND provided falsified documents to investors showing over 2,500 confirmed talent bookings in a single month when, in fact, there were only 60 confirmed talent bookings in the entire year. [/QUOTE] So it seems like it really was mostly him on the hook for all of this. The guy basically lied his ass off and tried to pull a Shkreli and single-handedly blew up his own hedge fund for it This part in particular is quite shocking [QUOTE][B]In addition, McFARLAND provided falsified documents to investors showing over 2,500 confirmed talent bookings in a single month when, in fact, there were only 60 confirmed talent bookings in the entire year.[/B][/QUOTE]

What about ja rule

[QUOTE=prinner;53182500]What about ja rule[/QUOTE] ja rule slips out by virtue of nobody caring about him or what he thinks

[QUOTE=prinner;53182500]What about ja rule[/QUOTE] [vid]https://merkoba.nyc3.digitaloceanspaces.com/hbv/4sg6zbwBw.mp4[/vid]

Holy fuck, the story just sounds so unbelievable! It's not like it is impossible to hold an extravagant festival or draw in shitloads of people. There's a good amount of examples showing something like this could have been done. But instead McFarland fucked up by BSing his way through it like a kid that waited until the night before to start and finish his big project. Nice alliteration in the title by the way.

tried to help OP and find a synonym for guilty that starts with F, but failed.

[QUOTE=S31-Syntax;53182638]tried to help OP and find a synonym for guilty that starts with F, but failed.[/QUOTE] Felonious Found at Fault

i remember seeing the /mu/ thread for this thing that was a real wild ride

guy rips off poor people, gets a cabinet level position. guy rips off rich people, gets 10 years in prison. yep that's our justice system.

I still am very confused about this, what, did he think literally no one would complain?

[QUOTE=S31-Syntax;53182638]tried to help OP and find a synonym for guilty that starts with F, but failed.[/QUOTE] i spent a good ten minutes trying to make it work but I couldn't think or research any other words that would have made it work as a sentence :hairpull:

[QUOTE=LZTYBRN;53182782]i spent a good ten minutes trying to make it work but I couldn't think or research any other words that would have made it work as a sentence :hairpull:[/QUOTE] "Failed Fyre Festival Founder Found Felonious of Fraud, Facing Fourty Years"

thanx for the fix friendly neighborhood mod friend

[QUOTE=Zeos;53182756]I still am very confused about this, what, did he think literally no one would complain?[/QUOTE] No, it's just that by the time the festival's deadline was approaching and he realized it wasn't gonna be possible the way he "envisioned" it, he had already scammed tons of banks/investors into giving him loans for it, of which they expected to be paid back after the festival. So he was forced into going through with the pile-'o'-crap that it was because not delivering to loan shark investors that invested tens of millions of dollars in you is a good way of speedrunning your way into the afterlife. [editline]6th March 2018[/editline] Though you'd think with the amount he was given by investors, he would've been able to pull off SOMETHING better than this. Literally anything else would've been better than this trainwreck.

[QUOTE=Solece;53182802]No, it's just that by the time the festival's deadline was approaching and he realized it wasn't gonna be possible the way he "envisioned" it, he had already scammed tons of banks/investors into giving him loans for it, of which they expected to be paid back after the festival. So he was forced into going through with the pile-'o'-crap that it was because not delivering to loan shark investors that invested tens of millions of dollars in you is a good way of speedrunning your way into the afterlife. [editline]6th March 2018[/editline] Though you'd think with the amount he was given by investors, he would've been able to pull off SOMETHING better than this. Literally anything else would've been better than this trainwreck.[/QUOTE] Apparently he spent 150 grand on a yacht for blink-182 who ended up pulling out at the last minute anyway Not exactly the wisest of men we're dealing with here

[QUOTE=TheFishyG;53182526]ja rule slips out by virtue of nobody caring about him or what he thinks[/QUOTE] Considering he's a con man himself, he shouldn't be just walking away.

[QUOTE=S31-Syntax;53182638]tried to help OP and find a synonym for guilty that starts with F, but failed.[/QUOTE] Fucked V:v:V