Billy McFarland, 31, defrauded investors out of $24 million. (File)
The New York man who was jailed for fraud during the disastrous 2017 Fyre Festival will be given $19,000 next month to share his “unique business insights” with a group of aspiring German entrepreneurs.
Billy McFarland, 31, swindled investors out of $24 million in the planned luxury music festival in the Bahamas that descended into chaos as buyers of expensive festival packages arrived to find wet tents, substandard food and none of the promised musical acts.
McFarland pleaded guilty in 2018 and also admitted bail on a separate concert ticket scam. He received a six-year sentence, but was released from US custody in August. He is now serving three years of probation, which means he must get permission from a judge before he can travel abroad.
U.S. District Judge Naomi Reice Buchwald on Monday approved McFarland’s plan to participate in the Entrepreneur University Founder Summit, scheduled for April 15 and 16 in Wiesbaden, Germany. The judge said McFarland must pay 40% of the promised $19,000 for the $26.4 million he owes his fraud victims. After costs, McFarland plans to shell out about $2,300.
“We believe that Billy’s unique business insights and experiences as an entrepreneur and founder would greatly benefit our audience and add valuable insight to the conversation,” said Robin Söder, CEO of Germany-based Entrepreneur University Neu-Isenburg, in a statement. letter submitted to the court.
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