Lou Pearlman, the man responsible for the Backstreet Boys and 'N Sync (shudder) has reportedly pleaded guilty to federal charges of conspiracy, money laundering and making false statements during a bankruptcy proceeding.
All this after a lengthy federal investigation alleging he scammed investors and banks out of more than $300 million.
Turns out his Transcontinental Airlines Inc. didn't really have 41 planes...but merely 2. He also misrepresented bailout funds, and apparently was running a good old Ponzi scheme in the guise of an employee investment savings program.
Remember when this guy was being heralded as a savvy businessman and marketing genius on all those entertainment 'news' shows? Turns out he was just good at lying and spotting a sucker.
According to reports, he'll be sentenced on May 21, and could face as much as 25 years in prison and a $1 million fine.
That's it? The bastard deserves to be shot just for all that crappy music he unleashed on the world...when will justice be served?
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