Here's what Fyre Festival attendees thought they were getting when they bought $1,200 tickets - and here's the reality at the center of an FBI investigation

Fyre Festival organizers Billy McFarland and Ja Rule are already facing several major lawsuits after attempting to put on a music festival in the Bahamas, only to have it collapse before it began.

According to a new report in The New York Times, the cofounders of Fyre Media, who put on the event, are now facing a criminal investigation by the US attorney's office for the Southern District of New York and the FBI. Investigators are reportedly looking into allegations of possible mail, wire, and securities fraud. 

"I cannot emphasize enough how sorry I am that we fell short of our goal," cofounder Billy McFarland said in a statement to the Times. "I'm committed to, and working actively to, find a way to make this right, not just for investors but for those who planned to attend."

The founders are also facing several lawsuits, including one from the festival's investors, who allege they're missing millions, as well as several from attendees who claim breach of contract, breach of covenant of good faith, and negligent misrepresentation on the part of the organizers and the PR firms who represented them. 

Here's the full Fyre Festival promo video:

Several of the pending suits outline what the expectations were for this supposedly "luxury" festival vs. what actually happened. Take a look at the pictures below: