What you should know about Billy McFarland's pre-Fyre Fest scam Magnises

Fyre Festival may have been two years ago, but the drama that led up to the entire mess is still unfolding. 

Since the release of two back-to-back documentaries about the disastrous music festival, Fyre founder Billy McFarland is back in the spotlight. McFarland was a professional grifter even before scamming festival attendees out of millions of dollars. With his company Magnises, he managed to swindle investors into backing his glorified fraternity. 

SEE ALSO: Twitter users are obsessed with Netflix and Hulu's super petty Fyre Festival feud

Although Magnises claimed to be a luxury credit card, it was essentially a membership for millennials who wanted to be rich, but couldn't afford to be rich. Members would have their credit or debit card copied over to a magnetic strip mounted onto a metal card — instead of its own financial institution, Magnises promised its members social perks like last minute Beyoncé tickets and access to an exclusive townhouse with an open barMembership was "referral only" to add to its exclusivity.  Read more...

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from Mashable https://mashable.com/article/billy-mcfarland-fyre-fest-magnises-scam/
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