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.

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.

Jon Mills, who made an armful of enemies through squandered investments in his company Motionloft, is in FBI custody, TechCrunch reports.

You can get away with a lot in the ego-lacquered corridors of tech—but if people think you stole their money, they're going to try to tear you apart. TechCrunch's Ryan Lawler is on the trail of alleged startup crook Jon Mills, who friends say blew tons of cash in Vegas. Their cash.