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  1. #1
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    ~ Lou Pearlman sentenced to 25 years for fraud

    From http://news.yahoo.com/s/ap/20080521/...w.d.49N5as0NUE
    ORLANDO, Fla. - Lou Pearlman, the man who created the Backstreet Boys and 'N Sync, was sentenced Wednesday to 25 years in federal prison for engineering a decades-long scam that bilked thousands of investors out of their life savings.
    It was the maximum sentence the boy band mogul could receive for allegedly swindling some $300 million from investors and banks since the early 1980s.
    He pleaded guilty 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 noted that many victims were Pearlman's relatives, friends and retirees in their 70s or 80s who lost everything.
    "The sympathy factor just doesn't run very high with the court," Sharp said.
    However, the judge said he would reduce Pearlman's sentence by one month for every $1 million returned to investors. It wasn't clear how, or if, investors would ever be compensated.
    "I want to say clearly that there's no pot of gold out there," defense attorney Fletcher Peacock said.
    Prosecutors allege Pearlman scammed individuals out of an estimated $200 million, and banks out of another $100 million.
    The courtroom was packed with victims, some of whom gave emotional testimony. Another two dozen or so waited outside.
    "Over the past nine months since my arrest, I've come to realize the harm that's been done," Pearlman said in a short courtroom statement. "I'm truly sorry and I apologize for what's happened."
    Peacock said Pearlman meant to pay back all the investors, and noted he had returned about $103 million.
    He said Pearlman got caught up in lawsuits also alleged fraudulent business practices over his otherwise successful entertainment ventures in the 1990s that prevented him from returning the money.
    :2gunsfiring_v1:419:judges:

  2. #2
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    Re: ~ Lou Pearlman sentenced to 25 years for fraud

    Quote Originally Posted by Shippou View Post
    GOOD!

    Glad they caught the crook!

    He deserves it for all the crappy music and all the marginal, mediocre entertainment he marketed. Some of those songs & groups were a crime!

    Kerry Hein:sun_smiley:
    As long as it is acceptable for a person to beLIEve that he knows how god wants everyone on Earth to live, we will continue to murder one another on account of our myths. ~ Sam Harris, 'The End Of Faith'
    ~~~~~
    Christianity demands the crucifixion of the intellect.
    ~ Susan Kierkegaard

  3. #3
    Join Date
    Jun 2008
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    51

    Re: ~ Lou Pearlman sentenced to 25 years for fraud

    Yeah, I understood he was given 300 months, with an option to have one month removed for each mil. he returns.

    I bet he'll be 'finding' a lot more millions to return! :nervouss:
    Last edited by jambaman; 06-15-2008 at 02:27 PM.

  4. #4
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    Jun 2008
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    51

    Re: ~ Lou Pearlman sentenced to 25 years for fraud

    Quote Originally Posted by ohein56 View Post
    He deserves it for all the crappy music and all the marginal, mediocre entertainment he marketed. Some of those songs & groups were a crime!
    Now that's funny right there!

  5. #5
    Join Date
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    Re: ~ Lou Pearlman sentenced to 25 years for fraud

    Quote Originally Posted by jambaman View Post
    Now that's funny right there!
    Thanks!

    Welcome to scam.com!

    Kerry Hein:sun_smiley:
    As long as it is acceptable for a person to beLIEve that he knows how god wants everyone on Earth to live, we will continue to murder one another on account of our myths. ~ Sam Harris, 'The End Of Faith'
    ~~~~~
    Christianity demands the crucifixion of the intellect.
    ~ Susan Kierkegaard

  6. #6
    Join Date
    Jun 2008
    Posts
    51

    Re: ~ Lou Pearlman sentenced to 25 years for fraud

    Quote Originally Posted by ohein56 View Post
    Thanks!

    Welcome to scam.com!

    Kerry Hein:sun_smiley:
    Thank YOU Kerry,
    I feel tha welcome!!

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