The man who organized the failed Fyre Festival in the Bahamas pleaded guilty to wire fraud Tuesday.
Billy McFarland, 26, was seen departing Manhattan federal court in photographs captured by DailyMail.com.
The promoter reportedly collected more than $1million from investors by using fake documents to promote the music bash, prosecutors said.
McFarland was arrested on the charges in June 2017 after altering a brokerage agreement saying he owned stock worth $2.5million. He faked millions of dollars in revenue from artist bookings, according to court documents.
In his plea deal, McFarland agreed not to appeal any sentence between 8 to 10 years.
Billy McFarland is seen leaving Federal Court after pleading guilty Conducting a scheme Defraud individuals and misrepresentation in Manhattan on March 6, 2018
The entrepreneur admitted using fake documents to trick investors at his festival
McFarland’s sentencing was set for June 21 before Judge Naomi Reice Buchwald
The failed event took place on the Bahamian island of Exuma in April and May 2017.
The Bahamian festival was founded in part by rapper Ja Rule, as a way to build a digital app.
The app allowed individuals organizing commercial events, such as concerts, to bid for artist and celebrity bookings at such events.
McFarland promoted the event as ‘upscale’, star-studded, with shows by artists like Blink-182 and the hip hop act Migos.
These are photos from the Disastrous Fyre Festival in Bahamas is a major Fail and canceled as guests paid thousands for a trashy unfinished site and canceled performances
Guests were disappointed to find half-built tents, rat droppings and stray dogs wandering around the festival site
Tickets for the festival costed anywhere between $1,200 and $200,000
Horrific scenes from the 2017 festival are shown. Guests were promised luxury accomodations
However, concert-goers who arrived to the festival learned the acts were cancelled.
The upscale accommodations and gourmet food consisted of half-built tents, cheese sandwiches and rat droppings on the ground.
Tickets for the festival costed anywhere between $1,200 and $200,000.
Joon H. Kim, the acting US attorney for the Southern District of New York, and William F. Sweeney Jr., assistant director-in-charge of the New York Field Office of the FBI, released a statement after McFarland’s arrest.
‘William McFarland promised a “life changing” music festival but in actuality delivered a disaster.
‘McFarland allegedly presented fake documents to induce investors to put over a million dollars into his company and the fiasco called the Fyre Festival,’ Kim said.
‘Thanks to the investigative efforts of the FBI, McFarland will now have to answer for his crimes.’
McFarland was released on $300,000 since his arrest. He is set to appear in court on June 21 for his sentencing.
McFarland, organizer of the Fyre Festival, exits the U.S. Federal Court in Manhattan following his presentment on wire fraud charges in New York City on July 1, 2017
McFarland was arrested on the charges in June 2017 after altering a brokerage agreement saying he owned stock worth $2.5million