From N’Sync to N’Jail
Lou Pearlman, the man who created the Backstreet Boys and ‘N Sync, was sentenced Wednesday to 25 years in federal prison for engineering a decades-long scam that bilked thousands of investors out of their life savings.
It was the maximum sentence the boy band mogul could receive for allegedly swindling some $300 million from investors and banks since the early 1980s.
He pleaded guilty in March to two counts of conspiracy and single counts of money laundering and presenting a false claim in bankruptcy court.
However, the judge said he would reduce Pearlman’s sentence by one month for every $1 million returned to investors. It wasn’t clear how, or if, investors would ever be compensated.
Prosecutors allege Pearlman scammed individuals out of an estimated $200 million, and banks out of another $100 million.
The courtroom was packed with victims, some of whom gave emotional testimony. Another two dozen or so waited outside.
But no sign of Justin Timberlake, or that JC Chasez, or that Lance Bass dude….
Oh Big Lou….Welcome to the Big House….Bye Bye Busted!
