What is Billy McFarland’s Net Worth?
Introduction
William Z. McFarland, an American fraudster and former entrepreneur who was convicted in the USA, co-founded Fyre Festival.
Investors were defrauded of $27.4 Million by McFarland’s marketing and sale of tickets to the festival and other events. McFarland established Magnises in 2013 with $1.5 million in investor funding. This company sold an invitation-only card and marketed Magnises.
Billy McFarland has a net worth of approximately -$26 million as of August 2022.
Early Life
William Z. McFarland was born in Millburn, New Jersey, on the 11th of December 1991. His parents are real estate developers.
At the age of 13, Billy founded an online outsourcing company that matched clients and web designers. McFarland studied computer engineering at Bucknell University in Lewisburg for less than nine months.
Career
After dropping out of college, Billy McFarland founded Spling, an online advertising platform where he was the CEO. He seeded Magnises, a payments company with $1.5million of investor funding in 2013. McFarland also founded Fyre Media Inc., the parent company for the Fyre Festival.
Fyre Media was founded by him and featured a luxury music festival called Fyre Festival in the Bahamas. He worked alongside rapper Ja Rules. The festival was to take place in 2017, and the video featured a host of Instagram models, including Kendall Jenner and Bella Hadid.
The festival was a total disaster and was canceled after guests began to arrive at the Great Exuma Island.
McFarland borrowed up to $7 million in order to finance the festival. He took one loan at an annualized rate of 120 percent. McFarland was sued by the lender, claiming that he defaulted on the loan.
McFarland pleaded guilty in March 2018 to two wire fraud charges in Federal Court in Manhattan.
Highlights
These are some of the greatest highlights from Billy McFarland’s career:
- Fyre Festival
- Billy defrauded investors of $27.4 million by marketing and selling tickets
- McFarland founded Magnises (2013)
Three Life Lessons From Billy McFarland about Fraud
We now know Bill McFarland’s net worth. Let’s look at some lessons we can take from him regarding fraud.
1. Fraud is everywhere
All aspects of corruption, embezzlement, and fraud are common. The key to successful economies is to keep corruption at a minimum. None of this stuff has been eliminated.
2. Fraud is an escape
It is most likely a scam if it seems too good to be true…
3. Worst Fraud of All
Cheating oneself is the worst and most common type of fraud.
Favorite Quotes From Billy McFarland
We will take every step to make it right for everyone now and next year.
Exumas did not have an infrastructure that was great. It wasn’t easy to get people in there. We were ambitious. There was no water or sewage.