Former Motionloft CEO Jonathan Mills has pled guilty to two counts of wire fraud. The San Francisco entrepreneur, who raised funding from Mark Cuban, was arrested by the FBI in February. He admitted to spending "substantial amounts" of his victims' money on "vacations and other entertainment," like that time he hired Grammy-award winner Miguel (above) for a private show and numerous trips to Vegas.

How does becoming a billionaire feel? For Mark Cuban, it was nothing short of primordial bliss.

After months of building a reputation for decadent parties, wasted money, and scammed friends, Jon Mills was arrested by the FBI, and could go to prison for 20 years if convicted of wire fraud charges. Read the full report below.