What if you become a millionaire before 25? Well, it would be a dream for all of us. But it takes a lot of hard work to fulfill this dream. But sometimes, we want to achieve that by following the wrong way. Today, we’re going to introduce to you someone how made some serious mistakes in his life. His name is Billy McFarland, known as Fyre Festival guy but people often related him with Seth Macfarlane.
Billy was born in 1991 in New York City, New York, the U.S. who is currently incarcerated. In 2017 he was accused of earning money by selling fake tickets. Let’s know in detail how he becomes a fraudster.
Billy McFarland’s Education and Career:
McFarland was raised in the Short Hills section of Millburn, New Jersey. His father and mother both are real estate developers. It seems Billy was quite ambitious since his childhood. He started earning at the age of 13 by founding an online outsourcing startup.
That startup was about introducing clients to web designers. In 2010 he passed his graduation from Pingry School.Then he went to Bucknell University to study computer engineering, but he dropped out in the 1st year of his study.
At the beginning of Billy’s career, he tried to do different things. After he dropped up out, he founded an advertisement platform online. Then he created Magnises, where he was able to manage $1.5 Million in investor funding. But his biggest scram he did under Fyre Festival which known as the Fyre fraud.
What Was Fyre Festival and How It was Connected With Billy McFarland’?
Launching Fyre Media was the biggest mistake of Billy McFarland’s. Under Fyre Media, Billy was supposed to arrange one of the most luxurious music festivals in the Bahamas; they named that event Fyre Festival.
But in the end that festival ended up full of disappointment. On January 13, 2017, a video was uploaded on YouTube about Fyre Festival. The video was made as promotional purposes.
Moreover, that video was included with the world’s most highly paid models such as Bella Hadid and Emily Ratajkowski. And these models were supposed to attend that event. But McFarland failed to provide all the facilities, food, housing they promised to their guest.
As a result, U.S. federal investigations noticed such things, and they start investigating. Bi8lly took a $7 million loan at a very high 120 present annualized rate to provide festival funds.
The Consequences of Fyre Festival Guy Billy McFarland:
Billy McFarland and Ja Rule were the organizers of the Fyre Festival. Therefore, they had to take responsibility for the failure of the Fyre Music Festival. And the lawsuit was filed against both of them. They were sued for $100 million, and ten lawsuits filed in relation to the scheme.
On June 30, 2017, McFarland was arrested for Mail and wire fraud criminal charges. However, he got bail on July 1. But the following year, In March 2018, McFarland was found guilty in federal court because he did scam by using fake documents and take the money of $26 million from investors.
Billy’s nightmare was not finished yet. He had to repay his previous fraud. In June 2018, he was charged for selling fake tickets in several events such as Met Gala, Burning Man, and Coachella. The final consequence of all this was 6 years in prison sentenced. His federal prison life starts October 11, 2018.
In April 2020, the mastermind of the Fyre Festival, Billy, was requested for compassionate release, but it was denied. At present, he is in the Milan Federal Correctional Institution located in Milan, Michigan. Billy’s plenty was not only six years in prison, but also McFarland’s had to pay $26 million in restitution.
It’s like all the worth he gained by his fraud business. He lost everything along with six years valuable time of his time. We have many things to learn from Billy McFarland’s life.