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Justin Timberlake’s Former Manager Sentenced

May 21, 2008

Lou Pearlman Given 25 Years In Prison

May 21. 2008

This is a follow up to my June 19, 2007 article Lou Pearlman – For Some Much Is Never Enough. Justin Timberlake’s former manager, Lou Pearlman, has been sentenced to 25 years in prison on fraud and racketeering charges.

He defrauded many out of $300 million dollars, through scam investments and has only paid $103 million dollars in restitution. All his possessions need to be seized and sold, with the proceeds from the auction given to the victims.

Justin Timberlake

The government acted way too late in this case, not giving heed to many complaints that were filed in New York and Florida by numerous victimized citizens, because of the fame Pearlman gained through stars like Timberlake. This gave Pearlman the opportunity to squander away much of the ill-gotten money.

Nick Carter of the Backstreet Boys

Pearlman, a homosexual, was publicly accused of making sexual advances at his young boyband members such as Nick Carter of the Backstreet Boys, among others.

Justin Timberlake

Many have asked if bisexual Justin Timberlake was also sexually harassed. He declined to comment. Justin’s former band mate and friend, Lance Bass, later came out of the closet, declaring he is gay.

Boy band creator sentenced to 25 years in prison

ORLANDO, Fla. – Lou Pearlman, the man who created the Backstreet Boys and ‘N Sync, was sentenced Wednesday to 25 years in federal prison for engineering a decades-long scam that bilked thousands of investors out of their life savings.

It was the maximum sentence the boy band mogul could receive for allegedly swindling some $300 million from investors and banks since the early 1980s.

He pleaded guilty in March to two counts of conspiracy and single counts of money laundering and presenting a false claim in bankruptcy court.

“I want to say clearly that there’s no pot of gold out there,” defense attorney Fletcher Peacock said.

Prosecutors allege Pearlman scammed individuals out of an estimated $200 million, and banks out of another $100 million.

http://news.yahoo.com

Story found here

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