Anorak News | Backstreet Boys Boss Lou Pearlman Sentenced

Backstreet Boys Boss Lou Pearlman Sentenced

by | 21st, May 2008

IF you are going to commit fraud, at least make it a big fraud:

Boy band mogul Lou Pearlman, who launched the Backstreet Boys and ‘N Sync, was sentenced on Wednesday to 25 years in prison for swindling investors and major U.S. banks out of more than $300 million.

In an audacious two-decade-long scam, Pearlman enticed individuals and banks to invest millions of dollars in two companies that existed only on paper and won the confidence of investors with strong but fake financial statements created by a fictitious accounting firm, according to his plea agreement.


Posted: 21st, May 2008 | In: Celebrities, Money Comment | TrackBack | Permalink