Founder of disastrous Fyre Festival freed on bail

NEW YORK  -- The promoter of a failed Bahamas music festival has been freed on bail a day after he was arrested on a fraud charge. 

Billy McFarland left Manhattan federal court Saturday with Assistant Federal Defender Sabrina Shroff.

McFarland was charged Friday with scheming to defraud investors in his company, Fyre Media.  If convicted, he could face up to 20 years in prison.

The charges stem from McFarland's promotion of the Fyre Festival. It was billed as an ultra-luxurious event to take place on the island of Exuma over two weekends in April and May.

Ticket buyers were told headlines would include Blink-182 and the hip-hop act Migos but performers backed out and the show was canceled. 

"As alleged, William McFarland promised a 'life-changing' music festival but in actuality delivered a disaster," acting U.S. Attorney for the Southern District of New York Joon Kim said in a statement. "McFarland allegedly presented fake documents to induce investors to put over a million dollars into his company and the fiasco called the Fyre Festival. Thanks to the investigative efforts of the FBI, McFarland will now have to answer for his crimes."   

Prosecutors say the 25-year-old McFarland used fake documents to trick investors. He was freed on $300,000 bail, telling reporters he'd love to speak but can't. 

McFarland and fellow co-creator Ja Rule are facing several lawsuits. Ja Rule was not charged.