Former Backstreet Boys- *NSYNC manager pleads guilty

Lou Pearlman strikes plea deal in fraud case

Former Backstreet Boys and *NSYNC manager Lou Pearlman has struck a plea deal in his fraud case in Orlando.

Pearlman, who reportedly defrauded banks to the tune of $120 million and has stolen around $315 from over 1,000 investors, who are anxious to find out if he has the money hidden somewhere.

Pearlman has now agreed to participate in the recovery of assets and will please guilty to bank fraud. A judge will then decide how much jail time he serves.

Backstreet Boys lawyer Clay Townsend says Pearlman owes the band over $4 million.

He was arrested in a hotel in Indonesia in June 2007 and is currently in jail.

–By our New York staff.

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