BOY BAND MOGUL PEARLMAN PLEADS GUILTY

ORLANDO, Fla. (AP) — For years, Lou Pearlman wowed banks and investors with slick talk and a lavish lifestyle. But when the one-time architect of the Backstreet Boys and 'N Sync set his hand on a courtroom Bible, he set the act aside. Pearlman pleaded guilty Thursday to federal charges of conspiracy, money laundering and making false statements during a bankruptcy proceeding. The plea was the result of a lengthy federal probe alleging he bilked investors and banks out of more than $300 million.

Pearlman's Transcontinental Airlines Inc. didn't have 41 airplanes, as he represented to investors. He had two, he said in court.