September 7, 2007 21:43

Justin Timberlake’s ex-manager loses homes

Former Backstreet Boys, ‘N Sync svengali's fraud case continues

Lou Pearlman, the former manager of Backstreet Boys and ‘N Sync is losing his homes in Florida and New Jersey as a result of his bankruptcy.

Pearlman is currently in jail after being arrested in June in Indonesia where he was hiding out in hotel using a fake name.

He is facing three counts of bank fraud and separate counts of mail and wire fraud after defrauding Integra Bank out of $20 million, says the Associated Press.

Yesterday a judge approved the sale of Pearlman’s $7 million dollar Orlando house and a $335,000 Atlantic City condominium. He was also ordered to return a deposit of over $20,000 he made on a cruise and was forced to give up eight season tickets for Orlando Magic games.

Pearlman is also accused to defrauding more than 1,000 investors out of $315 million and court documents say he owes $120 million to several banks.

--By our New York staff.
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