Billy McFarland is a famous American convicted felon and a con artist who has an estimated net worth of $3 million. He is widely known as a fraudster. Besides, Billy McFarland is also the founder of a sick-fated company named Fyre Festival.
There are many questions about Billy McFarland. Keep on reading to find more about him. Explore how he managed to lead his life to become a fraudster and multi-millionaire.
Also, learn some facts, including Billy’s biography, education, early life, personal life, criminal records, punishment, and many other things.
How much did Billy McFarland make?
Billy McFarland made around $96 thousand every year on average.
Billy McFarland earned most of his money through marketing. Besides, he made about 8 thousand dollars every month. Anyway, Billy scammed around 27.4 million dollars from different marketing and selling companies. That is how he got his name as a Fraudster.
What does Billy McFarland do for a living?
Billy McFarland was a con artist and fraud. He used his company for committing crimes with different companies and people. Billy earned more than 200 million dollars by defrauding. However, he admitted all his crimes in court.
So, all the possible sources of income have been given below to understand better at a glance:
How much did Billy McFarland make from his business?
After dropping out of college, Billy joined an advertising company. Here, he worked as a Chief Executive Officer. In 2013, Billy co-founded a company named Magnises, which was a card-based company to serve customers. From here, he invested 1.5 million dollars.
After a while, Billy founded another company named Fyre Festival. He proposed that the authorities provide luxurious services. But Billy did not give any services that promised. From here, he earned more than 100 million dollars.
However, Fyre Festival’s authorities said that they earned about 60 thousand dollars from the business. As reported by many newspapers, Billy borrowed about 7 million dollars for the Fyre Festival with 120% interest. Billy was unable to pay such an amount of money. So, the lender sued him.
Biography of Billy McFarland
|Full Name||William Z. McFarland|
|Professional Name||Billy McFarland|
|Year of Birth||1991|
|Place of Birth||New York City, United States of America|
|Height||6 feet 4 inch|
|Girlfriend Name||Anastasia Eremenko|
|Criminal Charges||Mail and wire fraud|
|Punishment||Six years imprisonment and $26 million in restitution|
|Net Worth||$3 million|
The Early Life of Billy McFarland
In 1991, Billy McFarland was born in New York City, United States of America. Besides, he grew up in Millburn, New Jersey. When Billy was 13, he found an online job, where he served as a web designer.
Billy’s father’s name was Steven McFarland, and his mother’s name was Irene McFarland. Steven and Irene were real estate investors. So, Billy was from a wealthy family.
In 2010, Billy completed his high school graduation at the Pingry School. Besides, he was admitted to Bucknell University. In May, as a freshman, he dropped out of the University. After dropping out of school, Billy concentrated on advertising platforms.
The Personal Life of Billy McFarland
Billy McFarland had a girlfriend named Anastasia Eremenko, who was an internet personality and model.
What happened to Billy McFarland?
In 2018, Billy McFarland was found guilty of two counts of wire fraud. Besides, he said that he defrauded other companies with illegal documents. Moreover, Billy admitted that he used fake documents to collect 26 million dollars for his company.
Billy McFarland agreed to the court to give all the money that he collected for his company. On 11 October 2018, the court sentenced him to six years in prison.
According to the BBC, 277 ticket buyers get their money back by a $2m agreement after a couple of years of the Fyre Festival. In 2017, Billy McFarland organized a music festival. But there were some problems with the program, including lack of management, no music, etc.
According to the BBC, Fyre Festival proposed a high amount for the ticket in 2017. The event organizer promised to provide some luxurious things. But they defrauded the ticket holders. They did not give anything that he proposed. The ticket was 1,200 dollars. Besides, for the VIP members, those tickets were sold for $12,000.
According to Insider, Billy McFarland was in solitary confinement for six months. In 2018, the court sentenced him to 6 years in prison and six months of solitary confinement for attempting fraud with people and the companies.