Fyre Festival Billy McFarland Pleads Guilty ... Facing Up to 40 Years

3/6/2018 1:04 PM PST

Fyre Festival Organizer Billy McFarland Pleads Guilty to Wire Fraud

Breaking News

The guy behind the disastrous Fyre Festival concert is most likely headed to prison ... TMZ has learned.

Billy McFarland, who organized the 2017 festival in the Bahamas, agreed to plead guilty to 2 counts of wire fraud, connected to funds he got from investors in the concert. Prosecutors said he raised more than $1 million. 

Nicholas Biase, spokesman for the US Attorney Southern District of NY, tells us each count carries a max sentence of 20 years. McFarland's sentencing hearing is set for June.

Despite the money he collected, you'll recall the Fyre Festival was a total disaster ... with would-be concertgoers having to sleep in tents, or out on the beach after they'd paid for luxury accommodations. The food really sucked too.

McFarland and Ja Rule -- who heavily promoted the festival show -- are still facing a class action lawsuit accusing them of running a Ponzi scheme.