Post by Sapphire Capital on Jul 17, 2008 3:44:47 GMT 4
Lou Pearlman ordered to pay $300 million to Ponzi scheme victims
Jul 16th 2008 by Zac Bissonnette
Lou Pearlman, the airplane entrepreneur turned boy band promoter turned modeling agency con-artist, has been ordered to repay $300 million to investors he bilked in a decade-long Ponzi scheme.
It's been a stunning downfall for Pearlman, who is now serving a 25-year prison sentence. He was the Svengali behind the Backstreet Boys and *NSYNC, but was later sued by both bands, and accused of inappropriate sexual conduct by several former band members, most notably Nick Carter.
Jul 16th 2008 by Zac Bissonnette
Lou Pearlman, the airplane entrepreneur turned boy band promoter turned modeling agency con-artist, has been ordered to repay $300 million to investors he bilked in a decade-long Ponzi scheme.
It's been a stunning downfall for Pearlman, who is now serving a 25-year prison sentence. He was the Svengali behind the Backstreet Boys and *NSYNC, but was later sued by both bands, and accused of inappropriate sexual conduct by several former band members, most notably Nick Carter.