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Subject: Boy band mogul Lou Pearlman admits $300m fraud

Written By: Philip Eno on 03/05/08 at 8:07 am

From BBC News Online

Lou 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.

In a plea agreement, the music mogul has admitted running scams that defrauded investors and major banks for more than 20 years.

Mr Pearlman entered a not guilty plea last year, but is scheduled to reverse that in court in Florida on Thursday.

The charges carry a maximum of 25 years in prison and a $1m (£506,000) fine.

Mr Pearlman, 53, is expected to plead guilty to two charges of conspiracy, money laundering and making false statements during a bankruptcy proceeding.

According to the 47-page plea agreement, Mr Pearlman has admitted enticing investors and banks to invest millions of dollars in two companies that "existed only on paper".

Prosecutors counted at least 250 individual victims who lost $200m (£101m), plus 10 financial institutions that lost $100m (£50.6m).

As part of the deal, Mr Pearlman has pledged to help investigators prosecute his accomplices and agreed to help authorities recoup millions of dollars for his victims.

He has also agreed to forfeit four cars, including a 2004 Rolls Royce Phantom and two bank cheques totalling $97,000 (£49,000).

Mr Pearlman has been in an Orlando jail since being returned to Florida in July 2007.

He earned widespread fame in the 1990s for creating successful pop sensations.

The Backstreet Boys and 'N Sync eventually sued him, claiming he was siphoning large amounts of money from them. The cases were later settled, but the terms were not disclosed.


Subject: Re: Boy band mogul Lou Pearlman admits $300m fraud

Written By: Max Power on 03/05/08 at 11:42 am

I remember that guy, I've always wonder where he had been.

Subject: Re: Boy band mogul Lou Pearlman admits $300m fraud

Written By: Philip Eno on 03/05/08 at 11:51 am


I remember that guy, I've always wonder where he had been.
...and have they found him today?

Subject: Re: Boy band mogul Lou Pearlman admits $300m fraud

Written By: Max Power on 03/05/08 at 11:55 am


...and have they found him today?


He's been in obscurity and in hiding for a while so no one really knows where he was or care as much as they used to years ago.

Subject: Re: Boy band mogul Lou Pearlman admits $300m fraud

Written By: Philip Eno on 03/05/08 at 11:58 am


He's been in obscurity and in hiding for a while so no one really knows where he was or care as much as they used to years ago.
He must have the Simon Cowell of his day?

Subject: Re: Boy band mogul Lou Pearlman admits $300m fraud

Written By: ladybug316 on 03/05/08 at 3:39 pm

I don't think he was a talent scout (in the Simon Cowell sense) as much as he was an opportunist.

I read somewhere that he once chauffered New Kids On the Block around in his helicopter service, was swept up in all the hype of "the boy band craze" and was inspired to reproduce their success. 



Subject: Re: Boy band mogul Lou Pearlman admits $300m fraud

Written By: DeutscherGirl on 03/05/08 at 5:35 pm


I don't think he was a talent scout (in the Simon Cowell sense) as much as he was an opportunist.

I read somewhere that he once chauffered New Kids On the Block around in his helicopter service, was swept up in all the hype of "the boy band craze" and was inspired to reproduce their success. 






He was pretty much an opportunist. Everytime I saw the guy on TV I'd crige. He was definetly a creep and you could tell. Whatever was going to make the most money was what he wanted to have his fat little fingers in. He'll be getting whats coming to him, I'm sure of that much.


Baby

Subject: Re: Boy band mogul Lou Pearlman admits $300m fraud

Written By: LyricBoy on 03/05/08 at 6:59 pm

The guy pilfers $300MM and he has to cough up a 4-year-old car and a $97k check.

Life is good.  ;D

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