Fyre Festival organizer Billy McFarland has pleaded guilty to two counts of wire fraud, which are connected to funds he got from investors. As CNBC explains, the first count alleged that McFarland "misrepresented" his company's financial health in order to secure investments and funds for the festival.

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The second count is linked to his providing false income statements.

CNBC reports that McFarland pleaded guilty to misleading investors, accepting "full responsibility for several serious mistakes he made" and acknowledging that he engaged in "fraudulent behavior."

Fyre Festival was initially advertised as “the unparalleled best in music, cuisine, design & hospitality on a private island in the Exumas”—but, according to patrons, the experience was anything but luxurious.

McFarland was arrested last July on counts of wire fraud, and back in October, he pleaded not guilty to two charges of wire fraud and making false statements to a bank.

As CNBC reports, when charges were initially announced, the U.S. attorney for the Southern District of New York said the festival "promised a 'life changing' music festival but in actuality delivered a disaster."

His sentencing is currently scheduled for June 21 and, as NME explains, could face up to 40 years in prison.