Pearlman’s Plea
Lou Pearlman — the man formerly known for managing the Backstreet Boys — has reached a plea deal in his federal bank fraud case, according to the Federal Public Defender’s Office in Orlando.
Prosecutors said he defrauded banks out of more than $100 million, and he is suspected of stealing another $300 million from various investors. In fact, according to the Backstreet Boys’ attorney, Pearlman owes them more than $4 million!
A judge will determine how much jail time Pearlman will serve, and only time will tell how much money will be recovered. Stay tuned!
PS: Popsquire wonders if Pearlman feels “Inconsolable“
