05/21/2008
Lou Pearlman Gets 25 Years for Money Laundering, Conspiracy
Boyband mogul Lou Pearlman was sentenced to 25 years in prison today for scamming millions of dollars from investors and banks over a period of two decades:
"U.S. District Judge G. Kendall Sharp noted that many victims were Pearlman's relatives, friends and retirees in their 70s or 80s who lost everything. 'The sympathy factor just doesn't run very high with the court,' Sharp said. However, the judge said he would reduce Pearlman's sentence by one month for every $1 million returned to investors. It wasn't clear how, or if, investors would ever be compensated. 'I want to say clearly that there's no pot of gold out there,' defense attorney Fletcher Peacock said. Prosecutors allege Pearlman scammed individuals out of an estimated $200 million, and banks out of another $100 million."
Of course, it wasn't just the investors who the creep targeted along the way.
Sphere: Related ContentPosted 4:10 PM EST by Andy in Crime, News | Permalink
Comments
So, at 1 month for every million, and 300 million, his sentence would be reduced by 25 years. Hmmmm, sounds worth it.
Posted by: Lee | May 21, 2008 4:50:37 PM
Yeah, given that if there were a "pot of gold," he could eliminate his sentence, that seems pretty absurd. Is a month of the molester's time really worth $1 million?
$1 million for a one-year reduction sounds more reasonable. Of course, he's basically a child molester---and we all know how well they fare in prison.
Posted by: Paul R | May 21, 2008 5:04:27 PM
He needs to write a tell all book about his "time" with some of his boybanders. Would make for a good read and maybe can shave some time off with the profits.
Posted by: davefromtampa | May 21, 2008 5:07:24 PM
Yes I can just imagine that book, Davefromtampa. All about poor innocent Lou constantly having to deal with teenage boys throwing themselves at him. He's a babe-magnet you know.
Posted by: David Ehrenstein | May 21, 2008 6:08:22 PM
That's crazy. I remember when Britney Spears and NSync were just starting out, he was all over Mtv cause he wrote their music.
Posted by: Bart | May 21, 2008 10:05:08 PM
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