(AllHipHop News) The founder of the Fyre Festival took a plea deal yesterday (March 6) and is facing up to ten years in prison.
Billy McFarland pled guilty to two counts of fraud in a scheme that defrauded investors and would-be purchasers of tickets to the Fyre Festival, out of millions of dollars.
The guilty plea stems from the Fyre Festival, which was supposed to be a costly event in the Bahamas in April and May of 2016.
Tickets for the festival were sold for $1500-$250,000 to see stars like Lil Yachty and Blink 182,
Patrons who were unlucky and made it to the Bahamas encountered “hellish” conditions.
Fans told tales and shared images of makeshift tents while being served cheese sandwiches, even though McFarland was blowing money on expenses like a yacht for a tent city ($470,000), carpet ($260,000) a yacht for Blink 182 ($150,000) and towels ($18,208).
McFarland and co-promoter Ja Rule decided to scrap the event, which resulted in a surge of lawsuits reaching into the hundreds of millions of dollars, against both Billy McFarland, Ja Rule, and The Fyre Festival.
McFarland will do some time after prosecutors claimed he doctored business reports to investors of the Fyre Festival who maintain they were defrauded out of $1.2 million in the scheme.