Prosecutors say the 25-year-old used fake documents to trick investors.

Fyre Festival founder Billy McFarland has been released on $300k bail following his arrest in New York on Friday (June 30).

As the New York Times reports, McFarland’s lawyer, Sabrina P. Shroff, said that the 25-year-old tech entrepreneur had been released after the hearing on Saturday, and that he had one week to satisfy the bail conditions.

McFarland was arrested on one count of wire fraud after allegedly defrauding investors in Fyre Media, the company behind the $12k-a-ticket Fyre festival, which in April devolved into chaos amid reports of “refugee-like conditions” from festival-goers.

The US Attorney for the Southern District of New York, Joon Kim, has alleged that McFarland presented fake documents to encourage investors to pour over $1 million into his company and the disastrous Fyre Festival. If convicted, he could serve up to 20 years in prison.

A preliminary hearing for the case has been scheduled for July 31.

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