BOY BAND FOUNDER TO PLEAD GUILTY IN $300 MILLION SUIT
Lou Pearlman, the gregarious mastermind behind boy bands such as ’N Sync and the Backstreet Boys, is now admitting his role in a different kind of choreography: a Ponzi scheme.
Prosecutors released a 47-page plea agreement Tuesday signed by Pearlman in which he admits to running scams that defrauded investors and major banks out of more than $300 million. He is scheduled to plead guilty in Orlando on Thursday to federal charges of conspiracy, money laundering and making false statements during a bankruptcy proceeding.