Boy band mogul Lou Pearlman to plead guilty in fraud
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… Read more »
