Fyre Festival promoter granted bail on fraud charge

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 was charged on the weekend with scheming to defraud investors in his company, Fyre Media.  
The charges stem from McFarland's promotion of the Fyre Festival.
It was billed as an ultra-luxurious event to take place over two weekends in April and May.
Ticket buyers were told headliners would include Blink-182 and the hip-hop act Migos, but performers backed out and the show was cancelled. 
Prosecutors say the 25 year-old McFarland used fake documents to trick investors.
He was freed on $300,000 bail.

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