Former *NSYNC-Backstreet Boys manager gets 25 years
Justin Timberlake
But Lou Pearlman CAN reduce his sentence
Lou Pearlman, the former manager of Backstreet Boys and *NSYNC was this morning (May 21) sentenced to 25 years in prison by a Florida judge.
The sentencing came as a result of four federal charges brought against Pearlman – two counts of conspiracy, money laundering and using false statements.
However, Pearlman can help reduce his sentence if he agrees to return the money he stole from over 1,000 investors.
Judge G. Kendall Sharp said that for every $1 million returned to investors, Pearlman’s sentence would be reduced by one month.
Pearlman pleaded guilty in March to defrauding banks out of $120 million and stole a further $315 million from over 1,000 investors.
He was arrested in Indonesia last year after a stint on the run from authorities in the US.
--By our New York staff.
Find out more about NME.
The sentencing came as a result of four federal charges brought against Pearlman – two counts of conspiracy, money laundering and using false statements.
However, Pearlman can help reduce his sentence if he agrees to return the money he stole from over 1,000 investors.
Judge G. Kendall Sharp said that for every $1 million returned to investors, Pearlman’s sentence would be reduced by one month.
Pearlman pleaded guilty in March to defrauding banks out of $120 million and stole a further $315 million from over 1,000 investors.
He was arrested in Indonesia last year after a stint on the run from authorities in the US.
--By our New York staff.
Find out more about NME.
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loismustdie
May 21, 2008
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