Fyre Festival organiser Billy McFarland has pleaded guilty to wire fraud charges and has subsequently agreed to serve up to 10 years in prison.
The 26 year old entered the plea with prosecutors suggesting an eight to 10-year sentence.
McFarland agreed to the plea deal in Manhattan for lying to investors and sending fake documents.
McFarland also admitted to giving fake information about Fyre Media's financial status to a ticket vendor last April to convince the vendor to buy US$2 million in advance tickets.
Set on an island in the Bahamas, Fyre Festival was initially described as the culture experience of the decade as a luxury event during the last two weekends of April and May in 2017.
The event was promoted on social media with models Bella Hadid and Kendall Jenner trying to lure people into buying tickets ranging from US$1,200 to over $100,000.
The festival boasted a lineup of Major Lazer, Lil Yachty, Blink-182, Migos and more.
He was due to be sentenced on June 21.