Fyre Festival: How a 25-year-old scammed investors out of $26 million (via CNBCMakeIt)
McFarland, now 27, grew up in New Jersey, where his parents run a real estate development company, and he briefly attended Bucknell University before dropping out after less than a year. McFarland presented himself as a successful serial entrepreneur, having launched multiple high-profile ventures before he turned 25.
McFarland also claimed he'd sold Magnises for up to $40 million, but "in reality, he did not sell Magnises and that was a lie to the investors," Casale says. McFarland also lied to investors by telling them they would have the right to a payout should the festival be cancelled, when in fact he'd secured no cancellation insurance policies, the Justice Department said.grossly underestimated the cost and time it would take to organize a music festival on the scale that Fyre Festival's glossy promotions would promise.
While McFarland's greatest talent was "selling himself," according to Vanity Fair correspondent Burrough, McFarland was also "just stunningly ignorant of what it would take to make his promises a reality.
to Kendall Jenner for just one Instagram post that she sent out to her more than 100 million followers.
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