Jun 14, 10:36 AM EST


The Associated Press

Boy-band mogul Lou Pearlman was arrested in an Indonesian hotel early Thursday, turned over to U.S. law enforcement officials and flown to Guam to appear before a judge there, authorities said.

Pearlman was charged with one felony count of bank fraud.

"We expect that he will be returned to Florida," said Steve Cole, a spokesman for the U.S. Attorney's Office in Tampa.

Pearlman allegedly defrauded about 1,000 investors of more than $315 million by selling for years a bogus savings account plan, then using their money to cover his losses in other businesses. Banks are hounding him and his companies for more than $120 million, according to court documents.

Pearlman conjured multi-platinum success by piecing together boy bands such as the Backstreet Boys and 'N Sync in the 1990s.

He hadn't been seen or heard from in months, nor had he responded to multiple subpoenas.

Creditors liquidated Pearlman's assets at an auction Tuesday in Orlando. Proceeds from the sale were to pay off his considerable debt, though authorities were still trying to put the whole picture together.

haw haw.

Greed is one hell of a drug!

SexyBeautifulOne said:

SexyBeautifulOne said:

I'm sayin tho

Good. This guy actually owes a friend of mine whose company did some work for him $11,000. Unfortunately she won't ever see any of the money because he filed for bankruptcy and she's had to take on another job to help deal with the financial hardship of the whole situation.

guitarslinger44 said:

When I read the first part of the sentence Boy band mogul, bank fraud was not what I thought he'd been arrested for

guitarslinger44 said:

i agree. my ex fell ino the pearlman trap at the beginning of the nsyc phenomenon
as one of the session/touring musicians and couldn't get paid to save his own LIFE. they usurped tons of expenses paid on ex-ies behalf that were never recouped, AND lou and his wife were giving us bum checks every week. he's a horrible man. let him rot in jail with his dishonest ass.

Ottensen said:

It's not like he didn't have bank after ripping off those kids! damn.....

It is a big story here in Orlando.

They just auctioned off his estate and its possessions to the general public.

Damn. From what I hear that ages-old case BSB, *N SYNC and other boybands had against him sitll isn't fully resolved and the groups are trying to get Pearlman into court again. He's still eating up a fair chunk of their income he's not actually entitled to.


I've also heard from a fairly reliable source of other offences, definitely not of the monetary kind, against said boybands that are being kept quiet by both sides involved, though that's really all I can say here.

meow85 said:

I've heard similiar on this end as well.

MsLegs said:

I never heard much for details on what happened either, because it is all being kept so hush-hush. But Pearlman is one slimy fucker. BSB apparently considered a seperate lawsuit just over these extra issues, but decided against it because it would be too difficult to obtain a publication ban on trial details.

meow85 said:

How can I put this:

Lou Pearlman STILL get pay a small percentage as long as the two groups use the trademark names "Backstreet Boys" & "*NSYNC".

If I was a member of either group, I'll still be piss about that harsh reality myself. And yes, this is the real reason why Justin isn't interested in having a *NSYNC reunion anytime soon.
[Edited 6/19/07 15:32pm]

He looks like a pedo