"No money went to Stevie Wonder or to any other entity to authorize a Stevie Wonder concert," said Nakakuni.

"It appears the defendants spent the money on personal expenses (and) to pay off business debts soon after it arrived in their bank account. By the time the university was aware of the fraud, there was no cash left to recover," said Bottom.

Barreiro's attorney said his client takes responsibility for his role and is prepared to pay the price.

"Mr. Barriero plead guilty to violating a federal law which criminalizes the transportation of misappropriated funds across state lines. This charge comes from Mr. Barreiro's failure to hold UH's money in escrow as required," said Attorney Sean Coutain.

It is a confession taken and a crime exposed, after a scandal that is playing out in record time.

"This is a very complicated case going from a victim’s complaint to federal grand jury indictment in 126 days and that is very, very quick," said Bottom.

Marc Hubbard is in custody in North Carolina. There will be a detention hearing to see, if and when, he will be extradited to Hawaii to face a wire fraud charge.

Barriero faces up to 10 years in prison when he's sentenced next year.

The FBI made it clear they found no criminal wrongdoing on the part of UH, but they said it's unlikely the university will see any of that money, because just about all of it, has already been spent.