Co-founder Fyre Festival Charged With Fraud

In case you don’t remember, Fyre Festival had completely fallen apart earlier this year.
You can read more about that here.
The festival got sued twice and now among the other lawsuits, the festival’s co-founder Billy McFarland has been arrested on counts of wire fraud.

“McFarland allegedly presented fake documents to induce investors to put over a million dollars into his company and the fiasco called the Fyre Festival.”, said Joon H. Kim, US attorney for the Southern District of New York.

The New York Times wrote that at least two people invested about $1.2 million in the two companies. McFarland claimed to have brought in multiple million in bookings, but actually the records showed only $57.000.

Furthermore, The New York Times stated that McFarland faces up to 20 years in prison, but is likely to get a lesser sentence.