Lou Pearlman

Louis Jay "Lou" Pearlman (born June 19, 1954) is a former impresario of the successful 1990s boy bands the Backstreet Boys and *NSYNC. In 2006, it was discovered that Pearlman had perpetrated one of the largest and longest-running Ponzi schemes in American history, leaving more than $300 million in debts. In May 2008, After getting caught on the run, and pleading guilty to conspiracy, money laundering and making false statements during a bankruptcy proceeding, Pearlman was convicted and sentenced to (up to) 25 years.
Lou Pearlman
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Pearlman case timeline

June 2006: Investors start having difficulty getting money out of Trans Continental Airlines savings program. State investigates.

December: State sues Trans Continental, says savings program is an unregistered security. Lou Pearlman frantically tries to borrow money to keep creditors at bay. Employees realize the end is near and start carting off valuables from company headquarters.

January 2007: As last-ditch efforts to salvage his companies fail, Pearlman leaves the country. Banks sue, saying he defaulted on millions in loans. The Orange County Sheriff's Office seizes Pearlman's Gulfstream jet as security for one of the loans.

February: State says Trans Continental savings program was a massive fraud. Court appoints receiver to take over Pearlman companies. He finds near-empty bank accounts along with obligations of $317-million. FBI and other law enforcement officials search Pearlman's home and offices, seizing records.

March: Lenders force Pearlman and his companies into involuntary bankruptcy. Court names trustee. Federal investigators file a criminal affidavit against Pearlman; the court keeps it under seal.

April: Church Street Station, where Trans Continental had its headquarters, is sold at auction for $34-million, but priority debts leave nothing for savings plan investors. Bankruptcy trustee auctions off gold records and other Pearlman possessions.

June: Pearlman is captured in Indonesia after a German tourist spots him at a Westin Resort and contacts the St. Petersburg Times, which passes the information to the FBI. Pearlman is charged with federal bank fraud.

July: Federal marshals return Pearlman to Orlando, where he pleads not guilty and claims he is broke, qualifying for a public defender. His new home is the Orange County Jail.

March 2008: Pearlman pleads guilty to fraud charges. Auction of his Windermere mansion fails to bring a buyer; property goes into foreclosure netting nothing for creditors.

May 2008: Pearlman sentenced to 25 years in federal prison.

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Vile Comments

I seriously doubt that if Michaele was indeed a socialite she’d be employed as a
receptionist, department store clerk or makeup artist… Paris Hilton she is not….
These two are posers who don’t pay their bills and are taking this reality/celebrity train
for all its worth…They are both idiots.