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Boy-band mastermind has been caught in Indonesia, to be punished for his crimes

14

June

Tbdpearlman061507 This week we’ve been ignoring that huge auction in Orlando of boy-band mogul Lou Pearlman’s assets, mostly because we don’t care about boy bands. But the Pearlman case turned interesting when the creator of the Backstreet Boys and ’N Sync was arrested in an Indonesian hotel this morning and flown to Guam to face charges of bank fraud, according to the AP.

To fill you in, the multi-platinum impresario allegedy defrauded about 1,000 investors out of more than $315-million by selling a fake savings account plan, then using the cash to cover losses in other businesses. He now owes about $120-million to various banks, and hadn’t been seen in months, prompting Tuesday’s auctioning of his assets.

He’s expected to be returned to Florida, where he will no doubt be shocked to learn his key to Orlando was sold for $1,400.

[Photo: AP]

[Last modified: Tuesday, May 25, 2010 9:14am]

    

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