Billy McFarland, the 25-year-old founder of the objectively disastrous Fyre Festival, is reportedly talking to federal prosecutors about a possible plea deal for the wire fraud charge he's facing, according to Billboard.
On Monday, assistant U.S. Attorney Kristy Greenberg asked Magistrate Judge Gabriel W. Gorenstein for more time to negotiate this plea. Gorenstein gave Greenberg a 30-day extension, so McFarland continues to be free following the posting of $300,000 in bail on July 1, which was necessary after he was arrested the day before for allegedly defrauding investors.
Prosecutors claim that McFarland illegally acquired $1.2 million in investments from at least two people after falsifying info about his stocks. The department alleges that he altered a stock ownership statement to make it look like he could personally guarantee the $1.2 million investment—which he did by implying that he had shares worth over $2.5 million—though they claim that he actually had less than $1,500 of the stock.
Acting Manhattan U.S. attorney Joon Kim wrote a statement to sum up the accusations. "[McFarland] promised a life-changing music festival but delivered a disaster," Kim wrote. "McFarland allegedly presented fake documents to induce investors to put in over a million dollars into his company and the fiasco called the Fyre Festival."
McFarland is currently facing up to 20 years in prison.
