Lou Pearlman is the ho you have to thank for New Kids on the Block, N'Sync, and Backstreet Boys. I know I'm thanking his ass. Ugh.
Anyways, he was convicted after pleading guilty to cheating banks and investors out of around $300 million and he wanted to put off starting his sentence so he could promote his new group, US 5. The judge didn't think it was a good idea either.
According to Reuters: In an audacious two-decade-long scam, Pearlman enticed individuals and banks to invest millions of dollars in two companies that existed only on paper and won the confidence of investors with strong but fake financial statements created by a fictitious accounting firm, according to his plea agreement.
U.S. Judge G. Kendall Sharp held up a book with letters from Pearlman's victims, saying they included "his family, his close friends and people in their 70s and 80s who have lost their life savings."
"So the sympathy factor doesn't run high with the court," Sharp said.
He was sentenced to 25 years. Good riddance.
Source
Anyways, he was convicted after pleading guilty to cheating banks and investors out of around $300 million and he wanted to put off starting his sentence so he could promote his new group, US 5. The judge didn't think it was a good idea either.
According to Reuters: In an audacious two-decade-long scam, Pearlman enticed individuals and banks to invest millions of dollars in two companies that existed only on paper and won the confidence of investors with strong but fake financial statements created by a fictitious accounting firm, according to his plea agreement.
U.S. Judge G. Kendall Sharp held up a book with letters from Pearlman's victims, saying they included "his family, his close friends and people in their 70s and 80s who have lost their life savings."
"So the sympathy factor doesn't run high with the court," Sharp said.
He was sentenced to 25 years. Good riddance.
Source
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