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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