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Boy-Band Promoter to Repay $300M

Court assesses damages of boy band promoter's ponzi scheme

By the Associated Press

Posted Jul 16, 2008 1:47 PM CDT
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(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.

Copies Lance Bass' memoir Out of Sync are displayed at a book signing appearance at Barnes & Noble book store, Tuesday, Oct. 23, 2007, in New York.
Copies Lance Bass' memoir "Out of Sync" are displayed at a book signing appearance at Barnes & Noble book store, Tuesday, Oct. 23, 2007, in New York.   (AP Photo/Evan Agostini)
In this Oct. 27, 2006, file photo, Lou Pearlman poses outside his office's at Church Street Station in Orlando, Fla.
In this Oct. 27, 2006, file photo, Lou Pearlman poses outside his office's at Church Street Station in Orlando, Fla.   (John Raoux)
From left, Brian Littrell, AJ McLean, Howie Dorough and Nick Carter of the Backstreet Boys make an appearance at Virgin Megastore Times Square to signs copies of their new CD Unbreakable Tuesday, Oct. 30, 2007 in New York.
From left, Brian Littrell, AJ McLean, Howie Dorough and Nick Carter of the Backstreet Boys make an appearance at Virgin Megastore Times Square to signs copies of their new CD "Unbreakable" Tuesday, Oct....   (AP Photo/Evan Agostini)
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prosecutor • Ponzi scheme • fine • N'Sync • Lou Pearlman • Backstreet Boys

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