The co-founder of failed Fyre Festival, Billy McFarland, was sentenced to six years in federal prison on wire fraud charges in October 2018. But justice may not be served for investors and festival goers, as RadarOnline.com can exclusively reveal McFarland is getting out of prison early.
McFarland's release date is September 1, 2023, according to Federal Bureau of Prisons. The release date is nearly one year less than the original sentence.
"He served a significant amount of time before he was actually sentenced," a source close to McFarland told Radar. "That time is credited against his sentence."
McFarland, 27, pled guilty to two counts of wire fraud in March 2018.
While out on bail in June, he was arrested and charged with a third count of wire fraud and money laundering. He made $150,000 by selling fake tickets to high-profile events. He was denied bail.
McFarland is also eligible for "good time credit."
"Assuming he doesn't do anything inappropriate, he will get 15 percent of time taken off his sentence," the insider said. "He is required to serve 85 percent of his sentence."
McFarland is currently serving time at "cushy" FCI Otisville in New York, the same prison Jersey Shore star Mike "The Situation" Sorrentino is serving his 8-month sentence for tax evasion.
Despite being used to a lavish lifestyle, the insider said McFarland has been "doing well" behind bars.
"He's just serving his time," the source said.
Hulu and Netflix both released documentaries on the doomed music festival, which took place in the Bahamas in April 2017.
Celebrities from Kendall Jenner to Bella Hadid helped promote the festival, which promised to be a luxury music experience that "exceeds all expectations." The festival boasted "the best in food, art, music and adventure."
But guests paid thousands for disaster relief tents instead of expensive beach villas and cheese sandwiches over gourmet meals. The festival was canceled.
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