Transcript for Fyre Festival co-founder charged with wire fraud

Out of the fallout from the fire festival it was supposed to be glamorous luxurious Caribbean conch or get away but it turned out to be anything but now the event's co-founder. Has been arrested is facing up to twenty years in prison ABC's nick watt is here with the story nick good morning. Good morning Dan will yet there was a real promise here of unprecedented. All lit opulence isn't going to be a music festival like no other. It walls and music festival like no other bitten all in a good way and as. As you say the public's face of this festival fiasco. Could now be looking at twenty years. Behind bars. This morning Billy MacFarlane co-founder of the failed fire festival is feeling that heat charged with wire fraud in federal court. In connection with his music festival. On room. 45 year old McFarlin created the event with a rapper jar rule who has not been charged. Promising concert goers at lavish one of a kind event which performances from. Fans likely 182 on the beautiful island of big Zuma. In the Bahamas while celebrities like supermodel bella had deed were fired the fear in this promotional videos. Some with Kendall Jenner who also promoted the festival. To her eighteenth two million instead Graham Fuller and his basing the exact opposite of everything their promise. The event a full fledged fiasco. For people who paid. Fans to attend. There's no shower as there's no bounds and there's no like running water at the time McFarland blaming it storm for the ups or details. The big storms came through and bus or water system. And I fact that half of this housing tense leaving mobs of millennial in the race. They basically abduct. Now investigators allege that festival attendees weren't the only ones we. In court documents prosecutors say McFarland perpetrated a scheme to defraud at least two individuals in an effort to secure a one point two million dollar investment. In his company. According to the US attorney's office McFarland allegedly sent fake documents claiming the company made millions in revenue from Tony sixteenth thorny seventeen went. He'd only air and less than 60000 dollars McFarland attorney telling ABC news he is hard day the villain the government. Portrays him to be. Now he was released on Saturday on 300000. Dollars bail he claims he is broke he has apparently moved back in with his parents. He is due back in court and of this month and Dennehy hasn't yet entered a plea at this point he'll be lucky to continue living with his parents. That's exactly. Things neck.

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