Friday, June 30, 2017

Billy McFarland arrested

He should shave and practice looking sad before the trial.
I have no reason to care about this and, surprisingly, I don't. I thought I'd be pleased, but I'm pretty much indifferent.

Federal agents arrested Billy McFarland at his Manhattan home today. The New York Times reports:
Joon H. Kim, the acting United States attorney for the Southern District of New York, said in a statement: “McFarland allegedly presented fake documents to induce investors to put over a million dollars into his company and the fiasco called the Fyre Festival.” If convicted, Mr. McFarland could face a maximum of 20 years in prison, but is likely to receive a lesser sentence.
According to the complaint, sworn to by Brandon Racz, a special agent with the F.B.I., at least two people invested about $1.2 million in the two companies, and in communications with these investors in 2016 and 2017, Mr. McFarland repeatedly overstated Fyre Media’s revenue from bookings and his own wealth.

He said Fyre Media had earned millions of dollars from thousands of bookings this year and last. But in reality, the complaint said, his company had taken in only $57,443.

And in one communication with an investor, Mr. McFarland supplied a Scottrade statement that he had altered to inflate his ownership of a particular company’s stock. According to the complaint, the fake document showed that Mr. McFarland owned $2.5 million in shares, when in reality his position was worth $1,500.

Quipped Twitter's J Elvis Weinstein: "Too bad they couldn't charge him with fryaud."

They say not to get arrested on a Friday---you have to spend the weekend in jail before they can bail you out. Is this true? Is Billy behind bars until Monday? [He goes before a judge Saturday.]

Even Martin Shkreli's pitiful immigrant father came down to show some support for his son when he got arrested. Where have McFarland's wealthy parents been?.

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