Plea planned by promoter in failed Bahamas music festival

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The Fyre Festival was promoted as a two-weekend event on the island of Great Exhuma with an opportunity to see big name acts, live in luxury accommodations and eat gourmet food.

Infamous Fyre Festival promoter Billy McFarland may have neglected to budget for toilets, but he still managed to drop more than $150,000 on a yacht for the band Blink-182, according to documents obtained by The Post.

"I deeply regret my actions, and I apologize to my investors, team, family and supporters who I let down", a chastened McFarland told U.S. District Judge Naomi Reice Buchwald in Manhattan.

Festival-goers were cooped up in FEMA tents and un-toasted cheese sandwiches that looked like something that had been thrown in the trash and packaged back up.

McFarland will now await his sentencing, which is slated to take place in July. Customers lashed out on social media with the hashtag #fyrefraud.

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Billy McFarland, 26, entered the plea in Manhattan federal court in a deal with prosecutors that suggested he serve between eight and 10 years in prison. McFarland agreed to pay restitution.

McFarland's sentencing hearing is set for June 21st. "Those lies included false documents and information".

The US claimed McFarland also altered a stock ownership statement to make it appear that shares he owned that were worth less than US$1,500 were actually valued at US$2.5 million, allowing him to personally guarantee an investment.

He was arrested and charged in late June, accused of using misrepresentations to raise millions of dollars by vastly overstating the app's revenues, the festival's prospects and his own finances. Now he will plead guilty. That would mean that McFarland could be facing a total of 40 years in prison.

As reported by Bloomberg, McFarland told a USA judge,"My intention and effort was directed to organizing a legitimate festival".

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