After pleading guilty to two counts Wire Fraud this week, Billy McFarland has now been ordered to pay back the $26 million he admitted to stealing from investors. Rapper Ja Rule has since defended his honest intentions for the Festival, pointing to a lack complicity between he and his business partner.
The funds for the now infamous Fyre Festival were accrued through false statements, including fraudulent bank loans and false insurance policies. The amount to be repaid is in excess $26 million, in accordance with the plea bargain he signed addressing the numerous lawsuits filed by the wronged investors.
Billy Mcfarland confessed feelings remorse in his closing statements.
‘I deeply regret my actions, and I apologize to my investors, team, family, and supporters who I let down,”
Fyre Fest, as you might recall, was being hyped as the ultimate musical getaway. Once festival goers arrived in the Bahamas, after paying tickets ranging between $5,000 and $250,000, they found themselves in a misshapen lot instead the luxury accommodations they had been promised.
As previously reported, McFarland is also facing between 8-10 years in a federal prison. The final decision is set for June 21st.