Pervy boy-band impresario Lou Pearlman, whose trial on federal bank fraud charges is set for April, has told friends that he's thinking about copping a plea on those charges that would result in him going to the federal pen for up to 25 years. But that doesn't mean he'll be free from jail after that; charges related to the huge investment scheme that he ran through his company Trans Continental Airlines have yet to be filed, and that'll probably add to his sentence if he's found guilty. What's more interesting: The "friend" who told the
St. Petersburg Times this little bit of news is now reselling Pearlman's possessions—which he bought at Pearlman's two bankruptcy auctions—on eBay, under the username
a-v sales. Among the items on offer are an
actual MTV Moonman (bidding currently at $560); other highlights—including an award bestowed upon Pearlman by Mikhail Gorbachev—after the jump.
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Idolator
Jailed boy-band svengali Lou Pearlman has a malfunctioning lightbulb hanging from the end of his long tunnel of incarceration and repaying the people he swindled millions from: He's turning informant! The man who brought the world 'N Sync, the Backstreet Boys, and a lot of failed development in the Orlando area will testify against Davin Smith, a 19-year-old who's accused of shooting a police officer; despite pleading not guilty, Smith apparently talked openly about his crime while standing within earshot of Pearlman. I guess this story won't end with Pearlman rehabbing Smith's image into that of a squeaky-clean boybander, huh? [
Former boy-band svengali/current guest of the federal pokey Lou Pearlman has been ordered to repay some $300 million to the investors who he bilked over years of real-estate fraud and Ponzi-like scheming. How did Pearlman amass these ill-gotten gains? Glad you asked! "The FBI and FDIC determined Pearlman took $195 million from more than 1,000 people in an alleged savings program promising 6 percent to 10 percent returns, and $126.7 million in bogus loans from federally insured banks. Another $70 million was invested by people who thought they were buying shares in companies owned by Pearlman that mostly had no assets. About $95 million was returned to investors over the years, documents show." Well, you'd think that he'd at least be given some points for trying, there. Instead, he may have to pay back even more money!
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