The guy who gave us the Backstreet Boys and N*Sync has been sentenced to 25 years in the joint for bilking investors out of millions of dollars.
According to the AP, it was the maximum sentence the boy band mogul could receive for allegedly swindling some $300 million from investors and banks since the early 1980s.
The judge will allow Lou Pearlman to reduce his sentence by one month for every $1 million he returns to investors. Prosecutors allege Pearlman scammed individuals out of an estimated $200 million, and banks out of another $100 million, so a complete repayment will buy his way out of jail, but his lawyer thinks that is unlikely to happen.
“I want to say clearly that there’s no pot of gold out there,” defense attorney Fletcher Peacock said.
Old Lou better hit the weights.
Previously: Boy Band Creator/Diddler Outed.