Boy band mastermind Lou Pearlman - the wunderkind behind such ballyhooed pop viruses as the Backstreet Boys, ‘NSync and O-Town - was sentenced to 25 years in prison by Senior U.S. District Judge G. Kendall Sharp today. The sentencing comes after Pearlman admitted in March to fraud and swindling investors out of $300 million, and inflating his own worth to stratospheric levels.

However, as seems to be the ultimate perk of those who have any inkling of power in the entertainment industry, Judge Sharp “offered Pearlman an incentive to pay back his investors: For every $1 million he puts back in investors’ pockets, he gets one month off of his sentence.” Which means that if he pays everyone back, he gets out of his 300-month sentence completely.
Horseshit! His victims included close friends,  family and elderly folks who have since lost their entire life savings.

Pearlman, 53, was once the toast of Orlando. His financial empire included popular musical acts the Backstreet Boys and ‘N Sync, an airplane charter business, and Church Street Station, an iconic piece of real estate in Orlando’s downtown.

The boy band impresario admitted in a March plea hearing to running the scam. He pleaded guilty to two counts of conspiracy, one count of money laundering and one count of making a false claim in a bankruptcy during that hearing, charges worth a maximum 25-year prison sentence.

Investors’ claims in a bankruptcy case have approached a half-billion dollars.

Pearlman, wearing leg shackles and a navy Orange County Jail jumpsuit, slouched in his chair during much of the hearing, which took place before a packed courtroom filled with angry investors. Investors who could not get a seat waited outside for news of the sentencing.

“I’m truly sorry, your honor, to all the people who have been hurt and victimized by my actions,” Pearlman said in a brief statement.

“Over the past nine months since my arrest I’ve come to realize the harm that has been done. I now want to do whatever I can to help resolve that harm.

If he gets out of this, I am moving to Greece.

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.