Backstreet Boys founder gets 25 years for $300m fraud
22nd May 2008 | 10:17
Boy band mogul Lou Pearlman could reduce his sentence if he gives it back
Backstreet Boys and ‘N Sync founder Lou Pearlman has been sentenced to a 25 year prison sentence for an estimated $300m fraud. The boy band mastermind spent 20 years tricking banks, family and friends by enticing them to invest in two fake companies.
In what was perhaps a moment of leniency, the judge told Pearlman he could reduce his jail term by one month for every $1m he returned to his victims. If we do the math, and these figures are correct, Pearlman needs to hand over the exact $300m he stole in the first place for his 25 year sentence to be revoked.
So in theory, Lou Pearlman could walk free. Providing he hasn’t spent any of the money of course...
You can read a more descriptive account of the case on BBC News.