The organiser of last year's ill-fated Fyre Festival is likely to face prison time after pleading guilty to two counts of wire fraud in federal court on Tuesday.
As Bloomberg reports, Billy McFarland told a judge in a Manhattan court that he "grossly underestimated the resources that would be necessary to hold an event of this magnitude".
The controversial Bahamas-based "luxury" event, where punters paid as much as $12,000 for tickets, was scheduled to go down across two weekends in April and May with headliners blink-182 and more.
However, it was cancelled shortly after kicking off as the set-up had not been completed.
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McFarland was arrested in New York last July and charged with wire fraud after scheming to defraud investors Fyre Media.
He is said to have presented investors with fake documents that convinced some to contribute more than US$1 million.
"My intention and effort was directed to organising a legitimate festival," McFarland told US District Judge Naomi Reice Buchwald.
"In an attempt to raise what I thought were needed funds, I lied to investors about various aspects of Fyre Media and my personal finances."
Under a plea deal, both sides agreed to non-binding guidelines that would result in a prison sentence of eight to 10 years in prison and a fine of up to $300,000.
McFarland is to be sentenced on 21 June.
Meanwhile, in documents obtained by The Post (via Page Six), McFarland budgeted for a $US160,000 yacht for blink-182 (who eventually pulled out of the gig to concerns about the festival), but did not budget for the festival punters.
The event reportedly served out cold cheese sandwiches and provided partially-constructed tents.
US rapper and co-founder of the festival, Ja Rule, was forced to defend the event, insisting it was not a scam.
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