Pop Mogul Sentenced to 25 Years in Federal Prison
Remember Lou Pearlman? You know, the pop star mogul who created ‘N Sync and the Backstreet Boys, the guy who was indicted last year on three counts of bank fraud, one count of mail fraud, with another count of wire fraud thrown in for good measure?
The man allegedly swindled some $300 million from investors, including $28.5 from St. Paul-based American Bank. (For the full account, peep Peter S. Scholtes’s detailed story from last year here.)
This morning in Orlando, the doughy gent was sentenced to a quarter century in federal prison. “I’m truly sorry to those I victimized,” he reportedly told the judge. “I’m sorry to those I victimized. I’m working hard to recover whatever money I can. I’m truly sorry. I apologize for what happened.”
Pearlman was also charged with two counts of spawning shitty bands, though those charges were later dismissed.
Channel 2 WESH out of Orlando has the story.