Boy band promoter ordered to repay victims $300M
By TRAVIS REED, Associated Press Writer
ORLANDO, Fla. - 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 creator of the Backstreet Boys and 'N Sync will have to repay, at a minimum, for restitution on the fraud conviction for which he's serving a 25-year prison sentence.
U.S. District Judge G. Kendall Sharpe on Wednesday 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.
He's been allowed to manage — at arm's length — the few remaining music acts he still has. He could also offer wages from whatever job he gets in federal prison, ranging from 12 cents an hour to $1.15 an hour for top-scale factory work.
Full story at:
http://news.yahoo.com/s/ap/20080716/ap_on_bi_ge/people_lou_pearlman
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