Friday, September 07, 2007

Karma catches up with Backstreet Boys boss

Lou Pearlman, the brains behind NSync and the Backstreet Boys, has lost two homes, as bankruptcy and charges on a $20million fraud catch up with him.

According to the Associated Press:

Pearlman, 53, remains jailed after being indicted on three counts of bank fraud and single counts of mail and wire fraud for business he did with Evansville, Ind.-based Integra Bank N.A., according to court documents.

Florida investigators separately allege that he 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.

Mind you, all of this is small beer compared with the fraud of inflicting Backstreet Boys upon a world who thought they were getting a pop group.