Boy Band Creator A Fraud - A Top Story This Week

03/08/08
. Boy Band Creator A Fraud was a top story on Wednesday. Here it is again: (antiMusic) Lou Pearlman is now not only guilty of foisting crap boy bands on the world, he is guilty of shady business deals. Which some could argue is the same principle at work. Reuters has the story: Lou Pearlman, the music mogul who launched the Backstreet Boys and 'N Sync, has agreed to plead guilty and make restitution to victims swindled out of an estimated $300 million in phony bank and investment schemes, U.S. prosecutors said on Tuesday.

Pearlman admitted in a plea agreement that for 20 years he enticed people and banks to invest millions of dollars in two companies that existed only on paper: Transcontinental Airlines Travel Services Inc. and Transcontinental Airlines Inc.

Pearlman is scheduled to enter his plea on Thursday in a U.S. court in Orlando. The charges carry a maximum of 25 years in prison and a $1 million fine. - more on this story

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