“Lose It All” Has New Meaning for Backstreet Boys Creator Lou Pearlman
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.
(Image: Newscom)
