Former Backstreet Boys manager faces more woes
Justin Timberlake
Fraudster Lou Pearlman owes investors over $400 million
Former *NSYNC and Backstreet Boys manager Lou Pearlman is facing even bigger debts than he previously thought, it's being reported.
Pearlman fled the United States after it emerged that he had defrauded banks and investors out of tens of millions of dollars.
Now federal prosecutors have revealed that Pearlman, who was arrested in Indonesia in 2007, actually owes $424.4 million.
According to Perezhilton.com, the former boy band mogul was handed down a judgment of $297 million in losses to the investors he defrauded and prosecutors are also demanding that he also pay $127 million in interest that has accrued between January 1989 and December 2006.
Pearlman was sentenced to 25 years in prison, with the judge offering to remove one month from his sentence for each $1 million he helps to recover.
Only $5 million of the stolen funds has so far been recovered.
--By our New York staff.
Find out more about NME.
Pearlman fled the United States after it emerged that he had defrauded banks and investors out of tens of millions of dollars.
Now federal prosecutors have revealed that Pearlman, who was arrested in Indonesia in 2007, actually owes $424.4 million.
According to Perezhilton.com, the former boy band mogul was handed down a judgment of $297 million in losses to the investors he defrauded and prosecutors are also demanding that he also pay $127 million in interest that has accrued between January 1989 and December 2006.
Pearlman was sentenced to 25 years in prison, with the judge offering to remove one month from his sentence for each $1 million he helps to recover.
Only $5 million of the stolen funds has so far been recovered.
--By our New York staff.
Find out more about NME.
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