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Fyre Festival founder Billy McFarland arrested, charged with fraud

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cameron

Member
Mofo looks like a PS2 GTA model. Scamming schemes and all
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NYT: Fyre Festival Organizer Released on $300,000 Bail
Billy McFarland, the entrepreneur behind the disastrous Fyre Festival in the Bahamas, lives in a $21,000-a-month penthouse apartment in Manhattan and drives a $110,000 Maserati. When he was arrested by federal agents on Friday on a charge of wire fraud, he was carrying $5,000 in cash.

Yet when Mr. McFarland, 25, made his first appearance before a magistrate judge on Saturday afternoon, he was represented by a public defender.

The judge, Kevin N. Fox of United States District Court in Manhattan, set Mr. McFarland’s bail at $300,000, to be secured by $50,000 in cash or property. Mr. McFarland’s lawyer, Sabrina P. Shroff, said that he had been released after the hearing on Saturday, and that he had one week to satisfy the bail conditions.

According to federal prisoner records, Mr. McFarland had spent the previous night in a Brooklyn detention center.
He appeared in court in a light blue T-shirt and black jeans and said nothing except when answering brief questions from the judge about whether he understood the process. His eyes appeared to be watering faintly as he looked toward his parents, who sat in the back of the courtroom, which was otherwise occupied by only court personnel, two F.B.I. agents and a handful of reporters.

The question of how much money Mr. McFarland still has was central to the hearing, whose purpose was to set bail and to inform Mr. McFarland of his rights.
But Kristy J. Greenberg, an assistant United States attorney, was skeptical that Mr. McFarland was out of money. He lived an “extremely lavish lifestyle,” she said, and added that the government’s investigation was still seeking answers about the assets of Mr. McFarland’s company, Fyre Media.

“There are real questions about where his money is,” Ms. Greenberg said at the hearing.

In a criminal complaint unsealed Friday, the government accused Mr. McFarland of operating a scheme to defraud investors by drastically overstating his wealth and the revenues of Fyre Media, whose main business was a website that allowed people to book celebrities for concerts and parties.

In one example of these misrepresentations, the complaint said that Mr. McFarland had doctored a Scottrade account statement to say that he owned $2.5 million in a particular company’s stock, when in reality his position was worth only $1,500.
 

EviLore

Expansive Ellipses
Staff Member
lives in a $21,000-a-month penthouse apartment in Manhattan and drives a $110,000 Maserati. When he was arrested by federal agents on Friday on a charge of wire fraud, he was carrying $5,000 in cash.

Yet when Mr. McFarland, 25, made his first appearance before a magistrate judge on Saturday afternoon, he was represented by a public defender.

Interesting strategy...
 
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