Backstreet Boys boss busted in Indonesia

[Scurrilous]

Source: Miami Herald

<snip>

"Boy-band mogul Lou Pearlman was arrested in an Indonesian hotel early Thursday, turned over to U.S. law enforcement officials and flown to Guam to appear before a judge there, authorities said.

Pearlman was charged with one felony count of bank fraud.

"We expect that he will be returned to Florida," said Steve Cole, a spokesman for the U.S. attorney's office in Tampa.

Pearlman allegedly defrauded about 1,000 investors of more than $315 million by selling for years a bogus savings account plan, then using their money to cover his losses in other businesses. Banks are hounding him and his companies for more than $120 million, according to court documents.

Pearlman conjured multiplatinum success by piecing together boy bands such as the Backstreet Boys and 'N Sync in the 1990s."



Read more: http://www.miamiherald.com/416/story/139528.html

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http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=2756649

[Alexia Wheaton]

1. Sounds like Martin Frankel.

[HughBeaumont]

2. What a surprise. Another producer/insider/non-artist caught cheating.

Makes you want to start that band right up, get in the biz and toss ALL caution to the wind, don't it? Knowing there are such helpful people as Lou Perlman, Babyface, Stan Polley, Col Tom Parker, Victory Records, etc. out there to guide you to success (primarily theirs), who wouldn't say yes to this?

I don't know which industry is overall more dishonest: the military, automotive or entertainment.

[MilesColtrane]

3. Who cares about his investment scam?

He deserves a life sentence without parole for creating the Backstreet Boys.

[rpannier]

4. LOL!!!!!!!! Thank you so much!

I have been in such a crappy mood.

You have improved my day.

Thank you!

[Blue_Tires]

11. lol....brilliant

[Yavin4]

5. Well, To Quote The Backstreet Boys....

Bye, bye, bye!

[alcibiades_mystery]

6. That's NSync

Don't ask me how I know...

:-)

[Yavin4]

7. Like There's A Difference

Come on.

[alcibiades_mystery]

8. Yes, there is

The 15% goes to different accounts.

[devilgrrl]

9. Was he caught having sex with children too?

Wouldn't put it past the guy.

[mitchum]

10. He just reeked of chickenhawk on that reality show, didn't he?

I was initially astounded that he allowed himself to be filmed, but then I realized that he was reveling it.