In 2017, over 80 investors were eagerly looking forward to the Fyre Festival, a music festival spanning two weekends in the Bahamas. The outlook for the festival’s investors was great: The hotly-anticipated event got widespread media attention and its tickets sold like hotcakes. But the investors were unaware of one crucial detail: The Fyre Festival was a poorly-conceived scam thought up by its founder, William McFarland, to defraud investors of over $26 million.
When people think of crime in the US, they tend to default to robbery, burglary and assault. While those are real problems with real victims, white-collar crime is often overlooked. The fact is that white-collar crime costs over $500 billion, which is far more than the $15 billion estimated cost of personal property crimes like burglary and assault.