Tag Archives: smh

Lou Pearlman Dies In Prison While Serving 25-Year Sentence Lou Pearlman, the innovative yet extremely crooked manager that masterminded mega-acts like Backstreet Boys, N*SYNC , passed away while serving a 25-year prison sentence in connection with running a $300 million ponzi scheme yesterday. He was 62. Via Orlando Sentinel : Boy band promoter Lou Pearlman, known for launching groups such as the Backstreet Boys and ‘NSync, died in prison Friday while serving a 25-year sentence for one of the largest Ponzi schemes in Florida history, a federal inmate database shows. Pearlman cashed in on the boy-band craze, building an empire of acts around the globe in the late 1990s and early 2000s. It collapsed in 2006 after he was exposed for running a massive $300 million Ponzi scheme. He declared bankruptcy in 2007 and was convicted of fraud in 2008. The cause of death for the 62-year-old was not disclosed Saturday. Calls to the Federal Bureau of Prisons were not returned. The Orlando entrepreneur is credited with starting the ’90s boy-band craze and managed huge acts including the Backstreet Boys, ‘N Sync, O-Town and the Chippendales before the scheme was uncovered. After the scheme was uncovered, hundreds of lawsuits were filed in the case, including one by the Backstreet Boys, and some victims were taken for their life savings. Pearlman was caught by FBI agents in Bali, Indonesia while running from creditors and regulators. He was living under the false name, A. Incognito Johnson. He was expelled from the country and arrested in Guam. Incognito Johnson??? He sounds like he lowkey wanted to be caught. This guy was crooked as they come, but the late 90’s and early 2000’s wouldn’t have been the same without him… WireImage

Read the original:
Lou Pearlman, Crooked Creator Of N*SYNC And Backstreet Boys, Dies In Prison At Age 62