Former Backstreet Boy and NSync manager Lou Pearlman has struck a plea deal regarding that previously reported fraud case. Pearlman is accused of defrauding banks out of $120 million and thousands more off small time investors through various dodgy business schemes he set up post his career as a pop mogul. He was on the run from the Feds for a while when the dodgy finances first started to untangle, but was arrested last June. He has agreed to plead guilty to bank fraud and to assist those trying to recover any assets to pay off creditors in a bid to secure a more lenient sentence in relation to the crimes. A judge is yet to decide how much jail time he should get given the plea deal.
Mar 5, 2008
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1 min read
Backstreet Boy manager agrees to plea deal
Former Backstreet Boys and NSync manager Lou Pearlman has agreed to plead guilty to bank fraud and help recover assets in return for a more lenient sentence.