September 25, 2022

Fyre Fest co-founder Billy McFarland hopes to pay again the $26 million he owes victims by going again into tech entrepreneurship, the convicted felon instructed The New York Occasions.

McFarland just lately sat down for a fluff piece and photoshoot with the paper after being launched from a midway home in Brooklyn, the place he spent six months after being launched early from a six-year jail sentence for a number of counts of wire fraud and financial institution fraud.

Although he partially blames the “ends justify the means” ethos of the tech world for his errors, McFarland additionally thinks it’s the most effective path for him to repay the restitution as a result of it’s additionally essentially the most forgiving.

“I’d love to do one thing tech-based,” he instructed The Occasions. “The great factor with tech is that individuals are so forward-thinking, they usually’re extra apt at taking threat. If I labored in finance, I believe it might be more durable to get again. Tech is extra open. And the way in which I failed is completely unsuitable, however in a sure sense, failure is OK in entrepreneurship.”

Nonetheless, McFarland didn’t transcend making extra obscure statements. “On the finish of the day, I believe I may most likely create essentially the most worth by constructing some type of tech product,” he mentioned. “Whether or not that’s inside an organization or by beginning my very own firm, I’m open to each. I’ll most likely resolve within the subsequent couple of weeks which path to go do.”

Contemplating McFarland’s earlier expertise as a founder past Fyre Fest features a failed social community referred to as Spling and the sham “black card” firm Magnises, there isn’t a lot motive for traders to purchase into something he’s promoting. Nonetheless, it’s mentioned there’s a sucker born each minute and it’ll take only a few with deep pockets to hold out no matter scheme McFarland comes up with subsequent.

Learn the complete New York Occasions interview right here.

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