NEW YORK (CelebrityAccess) Fyre Festival organizer Billy McFarland has been ordered to forfeit $26 million after pleading guilty to wire fraud.
McFarland recently admitted to lying to investors and falsifying documents to raise funds for the disastrous musical “event, saying “I deeply regret my actions and I apologize to my investors, team, family and supporters who I let down.”
The 2017 festival, co-promoted with Ja Rule and to take place over two weekends on the Bahamian island of Exuma, was heavily promoted as a high-end musical festival, with packages ranging from $1,200 to $100,000 but turned into a disaster with no food, water, shelter or a way to get back home.
McFarland said in court he “grossly underestimated” the resources need to hold the event. He was arrested last June.
Prosecutors had suggested that McFarland serve between eight and 10 years in prison. The $26 million is expected to be deemed part of his sentence.