Remember that wonderful* era of the "boy band".
Please, I am nauseous enough these days.
Sorry. I digress.
Remember Lou Pearlman - that bastion of good taste* and brilliant* management styles that brought us
'NSync, Backstreet Boys, and O-Town (shudder) .....
Turns out the man was fraud ....... holy crap, batman - who could imagine?*
*=heavy sarcasm
http://news.aol.com/entertainment/music/story/ar/_a/lou-pearlman-backstreet-boys-and-n-sync/20070907153609990001
Music Mogul Loses Home to Bankruptcy
AP
Posted: 2007-09-07 18:18:44
Filed Under: Celebrities in Court, Music News
ORLANDO, Fla. (Sept. 7) - Boy-band mogul Lou Pearlman is losing his lakefront Orlando home and a New Jersey condominium in bankruptcy proceedings, as he faces separate federal charges of defrauding a bank out of $20 million.
A bankruptcy judge Thursday approved the $7.1 million sale of the 9,000-square-foot Orlando home and a $335,000 condominium in Atlantic City, N.J., owned by the man who created the Backstreet Boys and 'N Sync.
Pearlman, 53, remains jailed after being indicted on three counts of bank fraud and single counts of mail and wire fraud for business he did with Evansville, Ind.-based Integra Bank N.A., according to court documents.
Also Thursday, the bankruptcy judge approved the return of $22,467 in deposits Pearlman made toward a November cruise on the Queen Mary 2 and he assigned three lapsing Pearlman life-insurance policies to an investor. Pearlman also will give up eight season tickets for Orlando Magic games.
Pearlman was arrested in June in Indonesia, where he was found staying at a posh hotel under an assumed name.
Florida investigators separately allege that he defrauded more than 1,000 individual investors out of more than $315 million. Several banks say he collectively owes them more than $120 million, according to bankruptcy court documents.
Seems to be pretty indemic in the biz these days.
Everyone with their hands in our pockets.
If they get their hands in my pockets any deeper, someone had better buy me dinner!!!
Cat
Is this the guy that did the TV show about putting together one of these bands? Was that the Otown band?
