Bily Macfarland (Fyre Festival Founder) arrested on federal charges

[re'up]

Billy McFarland, the entrepreneur behind the Fyre Festival, which was sold as an ultraluxurious music event in the Bahamas but collapsed spectacularly in April, leaving behind angry ticket buyers, investors and workers, was arrested by federal agents at his home in Manhattan on Friday and charged with one count of wire fraud.

Federal prosecutors announced the charge involves a scheme to defraud investors, which included misrepresenting financial information about Mr. McFarland’s company, Fyre Media. His representatives were not immediately available for comment.

Joon H. Kim, the acting United States attorney for the Southern District of New York, said in a statement: “McFarland allegedly presented fake documents to induce investors to put over a million dollars into his company and the fiasco called the Fyre Festival.” If convicted, Mr. McFarland could face a maximum of 20 years in prison, but is likely to receive a lesser sentence.

According to the complaint, sworn to by Brandon Racz, a special agent with the F.B.I., at least two people invested about $1.2 million in the two companies, and in communications with these investors in 2016 and 2017, Mr. McFarland repeatedly overstated Fyre Media’s revenue from bookings and his own wealth.

He said Fyre Media had earned millions of dollars from thousands of bookings this year and last. But in reality, the complaint said, his company had taken in only $57,443.

And in one communication with an investor, Mr. McFarland supplied a Scottrade statement that he had altered to inflate his ownership of a particular company’s stock. According to the complaint, the fake document showed that Mr. McFarland owned $2.5 million in shares, when in reality his position was worth $1,500.


Read More: Fyre Festival Organizer Charged With Wire Fraud

That was quick, they were really sloppy. Look for a superseding indictment possibly.

 

[Super Future Luther King Jr.]

Rule next?

 

[The Emperor]

http://m.huffpost.com/us/entry/us_59570941e4b0da2c7323b30a?ncid=inblnkushpmg00000009

I hope Ja Rule doesnt catch a charge ovee thid.

 

[Brad Piff]

WHERE IS JA

 

[Triipe]

this fukk is a split between scumbag and imbecile

 

[WickedGames]

 

[Harry Sax]

 

[Tasha And]

According to the complaint, sworn to by Brandon Racz, a special agent with the F.B.I., at least two people invested about $1.2 million in the two companies, and in communications with these investors in 2016 and 2017, Mr. McFarland repeatedly overstated Fyre Media’s revenue from bookings and his own wealth.

He said Fyre Media had earned millions of dollars from thousands of bookings this year and last. But in reality, the complaint said, his company had taken in only $57,443.

And in one communication with an investor, Mr. McFarland supplied a Scottrade statement that he had altered to inflate his ownership of a particular company’s stock. According to the complaint, the fake document showed that Mr. McFarland owned $2.5 million in shares, when in reality his position was worth $1,500.

 

[re'up]

Up for anyone who hasn't seen.

 

[DoomzdayzV]

Ja better flee the damn country.....they are both idiots.

 

[re'up]

If Ja is guilty of anything, they will flip Macfarland and get to him too.

 

[Doomsday]

Murder Inc stay shaking the feds.

 

[SpacelySprockets]

your daddy is next fukkboy @AJaRuleStan

get them letters and conjugal visits ready

 

[Prince Akeem]

Glad he got arrested. I thought nothing wasn't going to happen to Billy and Ja was going to be the fall guy.

 

[TrifeGod]

Had it coming