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Lou Pearlman 'NSync Svengali gets 35 Yrs for Fraud |
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Written by Mike Stahl
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Wednesday, 21 May 2008 |
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Boy band mogul Lou Pearlman was sentenced this morning to 25 years in federal prison for running a lengthy, systematic con that artificially inflated his net worth and cheated people out of $300 million.
During Pearlman's sentencing in U.S. District Court this morning, Senior U.S. District Judge G. Kendall Sharp offered Pearlman an incentive to pay back his investors: for every $1 million he puts back in investors' pockets, he gets one month off of his sentence.
Since Pearlman's sentence is for 300 months, he can avoid prison altogether if he forks up the cash.
"I'm going to give you the keys to your jail cell," Sharp said. But attorneys in the case say it's unlikely there are any vast sums hidden and the prospect of Pearlman getting out of prison is unlikely. Pearlman, 53, was once the toast of Orlando. His financial empire included popular musical acts like the Backstreet Boys and 'N Sync, an airplane charter business, and Church Street Station, an iconic piece of real estate in Orlando's downtown.
The boy band impresario admitted in a March plea hearing to running the scam. He pleaded guilty to two counts of conspiracy, one count of money laundering and one count of making a false claim in a bankruptcy during that hearing, charges worth a maximum 25-year prison sentence. Full Story
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Last Updated ( Wednesday, 21 May 2008 )
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