Promoter of abandoned $1,200-a-ticket festival in Bahamas pleads guilty to wire fraud charges

The promoter of the failed Fyre Festival in the Bahamas - once billed as the "cultural experience of the decade" - has pleaded guilty to wire fraud charges.

Billy McFarland, 26, entered the plea in Manhattan federal court in a deal with prosecutors that suggested he serve between eight and 10 years in prison.