5 count indictment for boy band mogul -- The Dax Files

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Date Posted: 21:25:45 06/27/07 Wed
Author: Malia
Subject: 5 count indictment for boy band mogul

The creator of the Backstreet Boys and 'N Sync was indicted Wednesday by a federal grand jury on charges he defrauded a bank out of $20 million.

Lou Pearlman, 53, was indicted on three counts of bank fraud, and single counts of mail and wire fraud for business with Evansville, Ind.-based Integra Bank N.A., according to court documents.

Pearlman is most famous for forming boy bands in the '90s, but was also involved in airplane charter, real estate, model scouting and restaurant ventures. He stands accused of fraudulently securing millions in bank loans with documents from a fake accounting firm.

Assets have been liquidated in two bankruptcy cases against Pearlman and his companies, and the entertainment mogul has ignored court actions against him for months.

Florida investigators separately allege Pearlman defrauded more than 1,000 individual investors out of more than $315 million. Several banks say he collectively owes them more than $120 million, according to bankruptcy court documents.

Pearlman was arrested in Indonesia on one count of bank fraud earlier this month. He was expelled from Bali after the FBI contacted authorities there, then he was transferred to U.S. custody and flown to Guam. Pearlman was flown to Los Angeles, and U.S. Marshal Jimmy Disbrow said authorities will soon transport him to Florida.

"It's roughly going to be about two weeks before we see him," U.S. Marshal Jimmy Disbrow said Wednesday.

A call placed by The Associated Press to the U.S. Attorney's Office in Orlando was not immediately returned. It was not known if Pearlman had an attorney.

Source: Yahoo News

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