Lou Pearlman, the Brains Behind ‘N Sync, Backstreet Boys Pleads Guilty to Fraud

Lou Pearlman, the Brains Behind ‘N Sync, Backstreet Boys pleads guilty on charges of fraud, and no, we’re not just talking about passing off models as musicians. In a 300 Million dollar fraud scheme, Pearlman and accomplices ripped off banks and private investors over a course of over 20 years. Many private investors were aspiring actors and models who paid to be featured on his Trans Continental “scouting” web sites.

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.

Apparently Pearlman, who had already been in litigation with ‘N Sync and Backstreet Boys for embezzlement and name ownership (settled out of court), was able to convince investors and major banks to invest in a company that didn’t actually exist. He’s been nervously keeping his back against the wall in an Orlando jail since July of 2007. As part of the plea agreement, Pearlman is expected to turn on his accomplices and aid in their prosecution, and give up four luxury cars and two bank checks totaling nearly $100,000. He probably figures it’s worth it. Look at him. 25 years in prison? Dude’s pasty ass cornhole couldn’t take it.

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