The man behind the Backstreet Boys and 'Nsync, that Lou Pearlman chap, swindled no less than $300 million out of banks, investors and old people, it has been revealed. As you'll remember, the former pop mogul's business empire collapsed last year as it emerged he had been keeping things afloat with what amounted to an elaborate pyramid scheme. He finally gave himself up to the feds, of course, and the authorities have since been working with him to work out just how much he had scammed out of his former investors and affiliates - that aforementioned and rather awe-inspiring $300m. Jailed for 25 years, Pearlman will now have to figure out how he can begin to pay those monies back, which aint gonna be easy - unless the money to be made from managing prison bands is more than it used to be.
Jul 17, 2008
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1 min read
Lou Pearlman sentenced to pay back $300 million defrauded
Lou Pearlman, behind Backstreet Boys and 'Nsync, is jailed for 25 years and must work out how to repay around $300 million swindled from banks, investors and others.