p2pnet news | Crime:- Scammer Lou Pearlman, who came up with boy-bands the Backstreet Boys and ‘N Sync, will today be sentenced after pleading guilty to charges of conspiracy, money laundering and bank fraud in March.

“In a one-paragraph order issued Monday, Senior U.S. District Judge G. Kendall Sharp rejected a request by Pearlman’s lawyers for more time to put a price tag on his crimes or to permit the music mogul to help in marketing his latest boy band, US5,” says the Orlando Sentinel, going on:

” ‘After consideration, the Court finds that anything the Defendant has requested in his motion can be accomplished without continuing the sentencing,’ Sharp wrote. ‘Accordingly, Defendant’s motion is DENIED’.”

Pearlman was accused of bilking investors out of close to $200 million by selling worthless stock in sham companies that “existed only on paper,” and acquiring another $140 million in bank loans with the help of bogus financial statements and tax returns supplied by a nonexistent accounting firm staffed with fictitious colleagues.

So said E! News in March when the story broke.

“Pearlman faces up to 25 years in prison and has promised to cooperate with prosecutors, the FBI and IRS agents in prosecutions of fellow conspirators and in helping locate and recover missing money,” says the Sentinel.

eBay is still carrying Lou Pearlman items ranging from T-shirts to “Proffesional [sic] Microphone Vocal Mic Lou Pearlman Studios”.

. .Stumble It!

pleading guilty - Backstreet Boys manager nailed for fraud, March 7, 2008
Orlando Sentinel - Pearlman’s sentencing still on for Wednesday, judge says, May 20, 2008
E! News - Tax credits and porn, March 5, 2008

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This entry was posted on Wednesday, May 21st, 2008 at 6:54 am and is filed under Crime, Music. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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