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Lou Pearlman, the man who created the boy bands 'N Sync and the Backstreet Boys, was sentenced on Wednesday (May 21) to 25 years in federal prison for engineering a scam that allegedly bilked investors and banks of some $300 million over 20 years. The judge noted that many of the victims were Pearlman's own relatives and friends, and retirees in their 70s or 80s who lost their life's savings. Pearlman pleaded guilty in March to conspiracy, money laundering, and presenting a false claim in bankruptcy court. The judge said, however, that he would reduce Pearlman's sentence by one month for every $1 million he returns to investors. It is not clear how that would actually happen or if Pearlman even still has the money to return. (AP via Yahoo!)


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Posted May 21, 2008 | Order Article Reprints