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The failure did not only impact the festival goers but also the investors, creditors, local workers and economy on the Bahamian island of Great Exuma. The documentary has sparked outrage for the devastating impact the proposed festival has had.
The festival organiser, Billy McFarland, admitted to tendering fake documents inducing investors to put more than $26m into his company. One FYRE festival worker was forced to use $40k of her savings to cater for 1,000 meals per day. Since the documentary, a ‘GoFundMe’ page has been set up raising over $200k.
Being the accountants that we are, we couldn’t help but identify areas where our diligence work would have raised red flags, stopping the venture in its tracks before it spiralled out of control.
Had the company been subjected to a Due Diligence process, the above would have been identified. Under normal circumstances any one of these red flags, if not satisfactorily cleared, could result in an abort scenario.
Our team works with investors, banks and businesses undergoing growth who require due diligence to be performed for investments, lending, and acquisitions. Due diligence is about taking a step back to see the bigger picture and providing assurance that the decisions being made are the right ones.
The failure did not only impact the festival goers but also the investors, creditors, local workers and economy on the Bahamian island of Great Exuma. The documentary has sparked outrage for the devastating impact the proposed festival has had.
The festival organiser, Billy McFarland, admitted to tendering fake documents inducing investors to put more than $26m into his company. One FYRE festival worker was forced to use $40k of her savings to cater for 1,000 meals per day. Since the documentary, a ‘GoFundMe’ page has been set up raising over $200k.
Being the accountants that we are, we couldn’t help but identify areas where our diligence work would have raised red flags, stopping the venture in its tracks before it spiralled out of control.
Had the company been subjected to a Due Diligence process, the above would have been identified. Under normal circumstances any one of these red flags, if not satisfactorily cleared, could result in an abort scenario.
Our team works with investors, banks and businesses undergoing growth who require due diligence to be performed for investments, lending, and acquisitions. Due diligence is about taking a step back to see the bigger picture and providing assurance that the decisions being made are the right ones.
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