Wednesday, May 21, 2008

Louie Pearlman

Lou Pearlman is the man behind pop sensations N'Sync, The Backstreet Boys, O-Town,  and LFO in addition to involvement in many other pop careers.  In 2005 officials came to find that he had been running one of the largest Ponzi schemes ( a Ponzi scheme is a fraudulent investment operation that involves paying inflated returns or "profits" to investors out of the money paid in by subsequent investors, rather than from net revenues generated by actual business-wikipedia)in American history to the tune of half a billion dollars in debts.  On May 21st, 2008, Pearlman was sentenced to 25 years in the feds.  He pled guilty to conspiracy and money laundering.  With the exception of "US5", all artists who have worked with Pearlman have sued him in federal court for either misrepresenting them or some form of fraud.  In 2006 Justin Timberlake was quoting as saying "I was being monetarily raped..." damnnn
M.K.

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