Deposed boy-band king Lou Pearlman will enter a guilty plea in response to federal charges of bank fraud. Pearlman, whose history of fraud dates all the way back to a 1989 Ponzi scheme and encompasses 1,300 investors and $200 million, will face up to 25 years in prison and $1 million in fines, as well as the seizure of any assets that can be traced to the profits he made from his criminal enterprises. In related news, somebody bought the Video Music Awards Moonman given to the Backstreet Boys in 1998–which was resold by a friend of Pearlman’s, who got it back during Lou’s bankruptcy auction–for $9,200. [Orlando Sentinel]
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Who knew Kevin Richardson still had $9200?
Boys around the world who want to sing professionally just read this story, breathed a sigh of relief and relaxed their butt cheeks.
this chucklehead that works out at my gym went on Geraldo At Large accusing him of nasty, nasty things. we’re not so proud of our Pearly.
He has an unnatural obsession with blimps. I wanted to buy the Pink Floyd blimp, but it went for over 200 bucks. It’s just as well, since everytime I saw it I’d no doubt be reminded of Lou Pearlman playing with JC Chasez’s bits n pieces.
@GhostOfDuane: He is just self-obsessed.