Fyre Festival Founder Forfeits Fortune

Entertainment (now)
Entertainment (now)
  • 6 years ago
New York - The entrepreneur behind a luxury music festival in the Bahamas that collapsed in chaos admitted on Tuesday that he swindled investors by vastly overstating his financial health. Billy McFarland, 26, agreed before a federal court in New York to forfeit more than $26m and pleaded guilty to two counts of wire fraud, a charge that relates to financial deceit, prosecutors said in a statement.

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