NEW YORK — The promoter behind a failed music festival in the Bahamas has been has been freed on bail a day after he was arrested on a wire fraud charge.

Billy McFarland left Manhattan federal court Saturday with Assistant Federal Defender Sabrina Shroff.

Federal prosecutors say McFarland was arrested Friday and was charged with scheming to defraud investors in his company, Fyre Media.

McFarland’s Fyre Festival was billed as an ultra-luxurious event with headliners including rockers Blink-182 and the hip-hop act Migos. But performers bowed out and organizers were forced to cancel the show.

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

An attorney who has represented McFarland did not immediately respond to an email requesting comment.

Fyre Media’s co-founder, the rapper Ja Rule, was not arrested.