Story highlights Fyre Festival co-founder William "Billy" McFarland charged with fraud

Attendees said Fyre Festival was disorganized, chaotic

(CNN) The co-founder of the Fyre Festival was arrested and charged with one count of federal wire fraud on Friday, according to the Manhattan US Attorney's Office.

Prosecutors allege that William "Billy" McFarland, co-founder and CEO of Fyre Media, defrauded at least two investors who invested about $1.2 million total in the Fyre Festival. McFarland allegedly also presented one investor with false stock ownership documentation in an effort to legitimize the project.

He was arrested Friday in New York and is scheduled to appear before a US Magistrate Judge on Saturday. It's unclear whether McFarland has an attorney.

In a press release , acting Manhattan US Attorney Joon Kim said McFarland "promised a life-changing music festival, but in actuality delivered a disaster."

"McFarland allegedly presented fake documents to induce investors to put over a million dollars into his company and the fiasco called the Fyre Festival," Kim said.

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