25-year-old Fyre Festival organiser Billy McFarland is in fairly deep shit right now, having been arrested for wire fraud after an FBI investigation, and he’s currently facing up to 20 years behind bars.
As more details of his situation emerge, it has been confirmed that McFarland was taken into custody late Friday and spent the night at the Metropolitan Detention Centre in Brooklyn before fronting up to court on Saturday July 1.
The embattled young entrepreneur has since been released on his own recognisance on a bond of $300,000, but the bail conditions set by judge Kevin Fox are strict.
Fox ordered that the bond was to be secured by $50,000 in either cash or personal property and co-signed by “two financially responsible persons”, which is probably standard, but still feels like a burn under the circumstances.
While he awaits trial, McFarland’s range of movement will be strictly limited, requiring him to stick to the southern and eastern districts of New York and the state of New Jersey, a condition reflecting the seriousness of the accusations he faces.
He will also be required to submit to drug testing as a part of his bail.
A seven-page FBI report claims, amongst other things, that McFarland grossly inflated his company’s revenue in order to secure funds, and grossly exaggerated his personal net worth in representations made to investors.
While musician Ja Rule, aka Jeffrey Atkins, worked with McFarland on organising Fyre Festival, his attorney says that he has not been arrested, nor has he been approached with any kind of deal in exchange for information on McFarland.
“There is no deal for Mr Atkins to cut as I do not perceive him to have any potential criminal exposure,” said Stacey Richman. “He is saddened by the arrest of Mr McFarland as he believed and believes in him.”
Source: Variety.
Photo: Robin Marchant / Getty.
