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Lou Pearlman, the former boy band promoter and entrepreneur turned federal inmate, has taken another career turn: police informant.
Lou Pearlman and federal authorities have finally agreed on how much the former boy band promoter swindled from banks and investors in a decades-long scam: a staggering $300 million.
Lou Pearlman, the man who created the Backstreet Boys and 'N Sync, was sentenced Wednesday to 25 years in federal prison for engineering a decades-long scam that bilked thousands of investors out of their life savings.
For years, Lou Pearlman wowed banks and investors with slick talk and a lavish lifestyle. But when the one-time architect of the Backstreet Boys and 'N Sync set his hand on a courtroom Bible, he set the act aside. Pearlman pleaded guilty Thursday to federal charges of conspiracy, money laundering and making false statements during a bankruptcy proceeding. The plea was the result of a lengthy federal probe alleging he bilked investors and banks out of more than $300 million.
Platinum and gold records, autographed posters and even a key to the city all went "Bye Bye Bye" at an auction as creditors liquidated the assets of boy-band impresario Lou Pearlman.
Boy band mogul admits $300m fraudLou Pearlman, the man behind boy bands 'N Sync and the Backstreet Boys, is set to plead guilty to a $300m (£152m) fraud scheme, prosecutors have said.
Boy-band mogul accused of fraudThe boy bands come and go but the people behind them stay there and take care of more boy bands. The big fish are not the singers; the big fish are the managers.
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