Jeffrey Hurant, founder and former CEO of the now defuncthas pleaded guilty to prostitution charges.
Rentboy.com was the world’s largest online gay escort service but the website was shut down in August 2015 after its New York City headquarters was raided by federal authorities.
Hurant, 51, and six of his employees were arrested on the same day.
In January this year, the founder was indicted on prostitution and money laundering charges.
On Friday, Hurant pleaded guilty to promoting prostitution, admitting to the Brooklyn Federal Court that he knew the ads on Rentboy.com were for male prostitution, reports the NY Daily News.
He faces up to five years in prison and a $10 million fine for ‘conspiring to launder the proceeds of illicit advertising on the website through his corporation Easy Rent Systems Inc. from 1996 to 2015.’
Assistant U.S. Attorney Tyler Smith said, ‘The corporation operated primarily for a criminal purpose.’
Hurant has reportedly agreed not to appeal the sentence if Federal Judge Margo Brodie passes a sentence of two years or less in prison and a fine of $10 million or less.