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Boy band mogul admits $300m fraud Boy band mogul admits $300m fraud
(2 days later)
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. Lou Pearlman, the music mogul behind boy bands 'N Sync and the Backstreet Boys, has pleaded guilty to a $300m (£152m) fraud scheme.
In a plea agreement, the music mogul has admitted running scams that defrauded investors and major banks for more than 20 years. In a plea agreement, the music mogul 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. Mr Pearlman originally entered a not guilty plea last year, but reversed it in a Florida court on Thursday.
The charges carry a maximum of 25 years in prison and a $1m (£506,000) fine.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. Mr Pearlman, 53, has plead guilty to two charges of conspiracy, money laundering and making false statements during a bankruptcy proceeding.
Plea agreementPlea agreement
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". According to the 47-page plea agreement, Mr Pearlman admitted enticing investors and banks to invest millions of dollars in two companies that "existed only on paper".
The Backstreet Boys were one of Lou Pearlman's actsThe Backstreet Boys were one of Lou Pearlman's acts
Prosecutors counted at least 250 individual victims who lost $200m (£101m), plus 10 financial institutions that lost $100m (£50.6m).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. 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).
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.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.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.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.