News: Lou Pearlman arrested
Jun 14, 07
From the Billboard:
Pearlman was charged with one felony count of bank fraud. "We expect that he will be returned to Florida," said Steve Cole, a spokesperson for the U.S. Attorney's Office in Tampa.
Pearlman allegedly defrauded about 1,000 investors of more than $315 million by selling for years a bogus savings account plan, then using their money to cover his losses in other businesses. Banks are hounding him and his companies for more than $120 million, according to court documents.
Pearlman conjured multi-platinum success by piecing together boy bands such as the Backstreet Boys and 'N Sync in the 1990s. He hadn't been seen or heard from in months, nor had he responded to multiple subpoenas.
Shady dealings for the boy-band Dr. Frankenstein. Who didn't see this one coming? I mean, come on. 315 million dollars is a lot of money to lose track of someone over. Even in Indonesia.
Godspeed!
