Lou Pearlman, the man who (a) created some of the most successful boy bands in music history or (b) kickstarted a trend that killed the music industry – depending on your point of view – was sentenced to 25 years in prison following a plea in March to two counts of conspiracy and single counts of money laundering and presenting a false claim in bankruptcy court.
U.S. District Judge G. Kendall Sharp said, however, that he would reduce Pearlman’s sentence by one month for every $1 million returned to investors. Returning the money clearly isn’t going to happen: prosecutors allege Pearlman scammed individuals and banks out of an estimated $300 million. His lawyer claimed that he had returned just over $100 million but the once powerful music mogul now claims to be penniless.
As part of his scheme, Pearlman offered fake tax returns for the years 2003 and 2004 allegedly prepared by the nonexistent accounting firm of Cohen & Siegel.
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Seems like a stiff sentence for being a thief, no matter how much money was involved. Oh well, at least he didn’t get any of my money.
Not being a comtemporary music lover, I did not recognize the name Lou Pearlman. Apparently he balantly beleives in the good life, and is immune to taxes and breaking the law. Using a non-existant accounting firm clearly shows intent.
Twenty-five years! Seems a small price for a living a lavish lifestyle at the expense of others.
Such thievery, and contempt for the laws of the land equates to GREED.
Folks who believe this is too severe, should ask how would they feel if they had been the victim? Ask the enron folks. Ask folks at the gas pump who feel oil companies’ greed is getting to point of comtempt for their customers and the country.
Give him a “rest of your life” address, and make it an 10′X12′ room, with scheduled meals.
It’s such a same to see people of such vast wealth that believe they are above the law. How would anyone think that with this much income they could get away from not being audited if out of compliance ?