McFarlands arrest comes four months after the event which was billed as an ultra-luxurious music festivalon a private island with gourmet catering and supermodels and tickets that cost up to $250,000 turned out to be a disorganized failure.
When ticket holders arrived on the secluded island in late April,they were shocked to find what appeared to be a construction site with half-built tents, feral dogs and inadequate food and water.
Joon Kim, the acting Manhattan U.S. attorney, said in a press release Friday that McFarland promised a life changing musical festival but in actuality delivered a disaster.
Federal prosecutors believe that McFarland gave investors fake documents in a successful attempt to convince them to invest more than a million dollars in his company and the festival.
Wire fraud charges can carry a sentence of 20 years, though The New York Times reported that McFarland would likely receive a lesser sentence.
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