you'd think screwing boy bands out of millions would be enough - Thorp and Sailor's Grave Board


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Murk

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Posts: 1243
Registered: 5-15-2005
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posted on 5-22-2008 at 12:08 AM

you'd think screwing boy bands out of millions would be enough

http://www.orlandosentinel.com/business/orl-bk-lou-pearlman-...

Quote:

Facing 25 years in prison for his financial crimes, boy-band mogul Lou Pearlman now knows what he has to do:

Find money — millions of dollars — to help out the little guys and the retirees financially and emotionally devastated by his investment schemes.

Senior U.S. District Judge G. Kendall Sharp sent that message loud and clear Wednesday in Orlando, offering to reduce Pearlman's sentence by one month for every million dollars he recovers. Sharp called it "the keys to your jail cell."

In an interview after the hearing, the judge also made it clear that Pearlman, the 53-year-old creator of the Backstreet Boys and 'N Sync, has done little to help recover any money.

Quote:

Sharp signed an order Wednesday authorizing the government to seize up to $200 million from Pearlman to repay victims of his financial schemes.

Many of them bought worthless stock and retirement-account investments through Pearlman's Trans Continental Airlines and Transcontinental Airlines Travel Services. They included family, friends and retirees, dozens of whom wrote the judge.

Quote:

Pearlman was running from creditors and regulators when FBI agents found him in Bali, Indonesia, last June living under the name A. Incognito Johnson. He was expelled from the country and arrested in Guam.

More than 1,400 investors and numerous banks have filed claims against Pearlman's companies totaling nearly $500 million, court records show. Only about $4 million has been recovered, said court-appointed U.S. Bankruptcy Trustee Soneet Kapila, who is heading up the asset search.