Billy McFarland was sentenced Thursday in federal court in Manhattan. Judge Naomi Reice Buchwald called him a "serial fraudster."
He admitted defrauding investors of $26 million in the 2017 music festival and over $100,000 in a fraudulent ticket-selling scheme after his arrest in the festival scam.
Buchwald says McFarland deserved a long prison term because he disrespected the criminal justice system by lying to law enforcement agents when they learned about the ticket-selling business.
Speaking in a courtroom packed with friends and family and at least one victim, McFarland apologized as family members cried behind him.
He says he hit rock bottom and plans to become a better person.
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