The Wall Street Journal: Promoter of Fyre Festival debacle charged with defrauding investors

Fyre Festival, which was marketed as a high-end music festival in the Bahamas but resulted in a logistical fiasco that unfolded publicly on social media, is now at the center of a federal criminal investigation.

William “Billy” McFarland, the 25-year-old entrepreneur who promoted the failed festival, was arrested Friday at his penthouse apartment in Manhattan and charged with defrauding investors to raise money for the concert.

After spending the night at a detention facility in Brooklyn, McFarland was released from custody by a federal judge Saturday on $300,000 bond.

Federal prosecutors in Manhattan charged him with one count of wire fraud, accusing him of falsely overstating his company’s revenue to get at least two investors to invest $1.2 million in his music festival.

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