The creator of the disastrous Fyre Fest plans to make a paid appearance at an upcoming business summit in Germany, but will have to hand over some of the money to his victims.
according to news reportsBilly McFarland, 31, will speak at next month’s Entrepreneur University Founders Summit to provide his ‘unique business perspectives’.
McFarland will receive a payment of $19,000 for the concert, but a US district judge ordered that the convicted con artist must pay 40 percent of that money to his scam victims.
McFarland successfully conned investors out of $24 million while hosting his lavish Bahamas music festival only for guests to arrive to find nothing but chaos.
The 40 percent will cover a fraction of the total $26.4 million he owes his victims. After expenses, it is estimated that he will earn around $2,300 from the job.
Fyre Fest scammer Billy McFarland will make a paid appearance at a business summit in Germany, but will have to hand over some of the money to his victims.
McFarland successfully conned investors out of $24 million while hosting his lavish Bahamas music festival only for guests to arrive to find nothing but chaos.
The German event, which is a summit that brings together businessmen from around the world, is one of the first major jobs for McFarland since its inception.
The scammer was released from federal prison in 2022 after just four years.
In 2018, he pleaded guilty to fraud and was sentenced to six years in prison along with three years of supervised release to follow.
McFarland was also ordered to forfeit $26 million by US District Judge Naomi Reice Buchwald, who also made the recent ruling regarding his German company.
On Monday, Buchwald approved his plan to attend the summit in Wiesbaden, Germany.
Judge Buchwald had been presented with a letter from Robin Söder, CEO of Entrepreneur University, advocating that McFarland visit the country for the event.
“We believe that Billy’s unique business insights and experiences as an entrepreneur and founder would greatly benefit our audience and add valuable information to the conversation,” said Söder.
Federal District Judge Naomi Reice Buchwald on Monday approved McFarland’s plan to attend the Entrepreneur University Founders Summit, scheduled for April 15-16 in Wiesbaden, Germany.
Due to his parole rules, McFarland needed permission to leave the country.
The judge agreed, but made the final decision on a large part for his victims.
The scammer was released from federal prison in 2022 after just four years.
Since his conviction on wire fraud charges and his subsequent release, McFarland has been outspoken about his failings, saying he was caught up in the desire to “prove himself.”
McFarland’s Fyre Festival drew attention in 2017 from both wealthy investors and wealthy attendees promised a lavish event.
The extravagant promises drew thousands to the island of Greater Exuma, only for attendees to discover there was no food, toilets, music, or even basic accommodation.
Those who paid more than $1,000 later had to fight their way off the island, with many forced to sleep in tents usually reserved for those made homeless by hurricanes or other natural disasters.
Since his conviction on wire fraud charges and his subsequent release, McFarland has been outspoken about his failings.
In a recent interview, he acknowledged F.Submit Podcast that investors had told him that the Fyre Festival was doomed even before people started arriving on the island.
“I was a bit stuck in this mentality that we have to go very fast. And the downside is that there are great artists in a beautiful venue, but it’s not perfect,” he said of his decision not to cancel the event.
‘And I didn’t understand that the downside is that people can’t stay there. It’s like I’m not ready. I just didn’t understand the downside,” he explained, noting that he was still early in his career in website design.
“I don’t know what I was thinking,” he admitted. “We released it as a trailer to see if anyone cared and it worked. And then we said “okay, four months, we’re going to do this.”
The Fyre Festival in Greater Exuma was a disaster, with guests paying over $1,000 only to find there was no accommodation and scheduled performances cancelled.
A photo of a sad looking cheese sandwich that was delivered to guests in a styrofoam container.
The Fyre Festival was promoted by models like Bella Hadid and Kendall Jenner, and attendees paid thousands for a luxury music festival hosted on a Caribbean island that Pablo Escobar once used to smuggle cocaine.
‘I made a mistake. I ruined it. I was so driven by this desperate desire to prove people right,” McFarland said in a 2022 interview with Good Morning America.
In a Good Morning America interview, he said he was determined to “prove himself,” which is why he didn’t cancel the event when he realized it was going to flop.
‘I made a mistake. I ruined it. He was so driven by this desperate desire to prove people right,” he said.
“I had these early investors, sponsors, employees, and I think I was so insecure that I thought the only way to prove myself to them was to be successful and that led me down this terrible path of bad decisions.”
‘I should have listened [to my employees]. There is no excuse,’ McFarland said.