The guy behind the Fyre Festival fiasco has just admitted fraud

Last year, people who'd paid up to $100,000 (£72,000) for a ticket to a "luxury boutique" festival were left stranded in a "post-apocalyptic tent city" with some cheese sandwiches to eat. Now, its founder faces up to 40 years in prison after he admitted tricking investors to fund the whole fiasco.

What it means: Fyre Festival will go down in history. Backed by Ja Rule, it was billed as a luxury festival. Bella Hadid was in the advert, big names were on the bill, and people paid eye-watering amounts for a ticket. When they arrived the site wasn't finished, there wasn't enough food, and the whole thing was eventually cancelled.

Turns out, Billy McFarland, the festival's co-founder (with Ja Rule), is guilty of more than just being not-very-good at organising festivals. He's admitted using fake documents to attract investors to put more than $26m (£18.7m) into the festival.

When investors What's this?  put money into a project, they're essentially betting on what the value of that organization will be in the future. McFarland gave those investors false information about how much money Fyre Festival had in the first place, to encourage them to plough more money in.