On 03.06.08, In News, by Gossip Boulevard.
Lou Pearlman pleads guilty in fraud case
Former boy band manager Lou Pearlman pleaded guilty today to several counts of fraud and money laundering in an Orlando courtroom, telling U.S. District Judge G. Kendall Sharp, “I’m accepting full responsibility.”
The 53-year-old, who created the Backstreet Boys and ‘N Sync, swindled investors out of more than $300 million over 20 years.
The judge set his sentencing for May 21. Lou faces a maximum prison term of 25 years and a $1 million fine, but the plea deal allows him the possibility of a reduced sentence if he fully cooperates in recovering money to repay investors.
[Source: PageSix]
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