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On Monday we put Brian Littrell from the Backstreet Boys in our Mainstream Spotlight. Well, Lou Pearlman who managed The Backstreet Boys & N-Sync during their peak is in a world of trouble according to E Online. In May, he was sentenced to 25 years behind bars after pleading guilty to two counts of conspiracy and single counts of money laundering and making false claims in a bankruptcy filing scam.
Pearlman bilked a number of banks and private investors to the tune of $300 million over the years. On top of the jail sentence in May this week he was ordered to repay $126 million to his victims starting with the unfortunate, unincorporated individuals who had the misfortune of doing business with him.
The 10 banks, including Washington Mutual and Bank Of America, that unwittingly loaned him money under false pretenses will be the last to collect any restitution, according to the ruling issued Wednesday by U.S. District Judge G. Kendall Sharp.
The judge declined, however, the prosecution’s request to tack $127 million in interest onto that sum. The judge did state that for every $1 million Pearlman pays back, he’ll get a month wiped from his federal prison sentence.
So, if 25 years adds up to 300 months and if Lou pays back the 126 million order by the courts that still leaves him with 174 months (or 14 years) in prison. That’s a lot of time to sit and think about your mistake. All of us are sinners and have made poor choices that made us stop and think about our choices. I just wonder if Brian or anyone else close to Lou will take advantage of this opportunity to reach out to Lou and share the Gospel with him?
