Billy MacFarland has been released on a whopping $300,000 bail. Money, of course, shouldn’t be an issue for him as he previously lived in a $21,000 Manhattan penthouse and drives a Maserati. But for some reason when he appeared in court last Saturday he was being defended by a public lawyer. The amount of money he really has is a central part of his case.
The money is an important aspect because the complaint against him is his fraud in relation to his company Fyre Media. He misled investors into putting their money into him by overstating his own wealth. For instance saying he had $2.5 million in a company when he really had $1,500. So far they have verified 2 investors who’ve invested $1.2 million, but they believe there could be a total of 85 investors in total.
MacFarland has a week to fulfill those bail conditions, which he probably will because he stays with his well off real-estate developing parents in New Jersey. A preliminary hearing for the case was scheduled for July 31.
Source: NY Times