The promoter of the failed Fyre Festival in the Bahamas — once billed as the "cultural experience of the decade" — pleaded guilty to wire fraud charges Tuesday, agreeing to serve up to a decade in prison for lying to investors who lost over $26 million.
The Associated Press reports that Billy McFarland, 26, entered the plea in Manhattan federal court in a deal with prosecutors that suggested he serve between eight and 10 years in prison. He can request leniency.
"I deeply regret my actions, and I apologize to my investors, team, family and supporters who I let down," a chastened McFarland told U.S. District Judge Naomi Reice Buchwald in Manhattan.
He said he planned to organize "a legitimate festival" when he planned the Fyre Festival as an outgrowth of a digital application he launched in May 2016 to help concert promoters and private individuals directly book musicians for concerts.
"I grossly underestimated the resources that would be necessary to hold an event of this magnitude," he said. "In an attempt to raise what I thought were needed funds, I lied to investors about various aspects of Fyre Media and my personal finances. Those lies included false documents and information."
