Billy McFarland, the man behind the disastorous Fyre Festival, has been arrested in New York – charged with scheming to defraud investors in his company, Fyre Media.

Fyre Festival was supposed to be a luxury muisc event in the Bahamas but was eventually dubbed the "Hunger Games for rich people".

In an almighty shitshow, ticket holders who had paid thousands of pounds found themselves stranded on the island with little access to food and water, living in post-apocalyptic looking soggy tents.

The brainchild of McFarland and rapper Ja Rule (who has not been arrested), ticket holders were sold on the promise of “VIP-configured” jets, “geodesic” lodging, plus performances from bands including Blink 182.

The festival was even supported by models like Bella Hadid and Emily Ratajkowski, who frolicked in sunshine-filled promotional photos.

On social media, people are gleefully enjoying news of McFarland's arrest.

Acting US Attorney Joon Kim said McFarland presented fake documents to encourage investors to put more than $1 million into his company and the failed festival.

He said: "McFarland promised a 'life changing' music festival but in actuality delivered a disaster... Thanks to the investigative efforts of the FBI, McFarland will now have to answer for his crimes."

The FBI's William F. Sweeney Jr. added: "McFarland truly put on a show, misrepresenting the financial status of his businesses in order to rake in lucrative investment deals. In the end, the very public failure of the Fyre Festival signaled that something just wasn't right."

Despite this, it looks like the memory of the festival will reach cult status. A few weeks ago it was revealed up that people were selling their Fyre merchandise on Ebay.