First quote I see

On Tuesday afternoon the festival’s main organizer, William McFarland, pleaded guilty to two counts of wire fraud related to the festival and to his media company that prosecutors said had cost investors $26 million in losses.

He told the judge, Naomi Reice Buchwald, of Federal District Court in Manhattan, that he had begun organizing the festival with good intentions but had “greatly underestimated the resources” it would take.

“I lied to investors about various aspects of Fyre Media and my personal finances,” Mr. McFarland added. “I deeply regret my actions.”

Oh - remorseful are you? Poor you. I mean how many of us have also planned a soiree only to realize at the last minute we had under estimated food and space VS all the attendees. Yes, we can totally relate... until we hit this further down the article.

In reality, a few weeks before the festival, Mr. McFarland secured some land on the island of Great Exuma and hired workers who scrambled to prepare for the event

Then we back up to the part that says...

Charging documents filed by prosecutors said that Mr. McFarland, 26, had provided investors with false financial reports, including one that listed millions of dollars in talent-booking revenue for Fyre Media. In reality, the documents said, the company had earned only about $57,000 in bookings in the year leading up to the festival.

Mr. McFarland was also charged with showing investors bogus financial documents to claim that he owned more stock than he actually did so that it would appear he was in a position to personally guarantee an investment.

If I were the judge he made that statement (at the beginning of my post) to I'd further hold him in contempt of court and charge him with Liar Liar Pants on Fire.