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October 11, 2008 7:33:34 AM CDT

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Boy-Band Promoter to Repay $300M

Posted Jul 16, 08 1:47 PM CDT in Arts & Living,  Crime & Courts 

(AP) – Lou Pearlman and federal authorities have finally agreed on how much the former boy band promoter swindled from banks and investors in a decades-long scam: a staggering $300 million. That's how much the creator of the Backstreet Boys and 'N Sync will have to pay, at a minimum, in restitution for the fraud conviction for which he's serving a 25-year prison sentence.

A US District judge today asked prosecutors and defense attorneys to amend court documents with the agreed amount. It will be difficult for Pearlman to repay all the money while he is behind bars. Pearlman made millions in the record industry in the 1990s, but investigators have found that money and more seemingly gone with the collapse of his Ponzi scheme.

Source Associated Press

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prosecutor  • fine  • Ponzi scheme  • N'Sync  • Lou Pearlman  • Backstreet Boys


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