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Pearlman ordered to pay restitution

U.S. District Judge G. Kendall Sharp sent former music mogul Lou Pearlman to federal prison Wednesday and ordered him to pay restitution. But the judge said he will hold open the question of interest on the restitution until after the principal is paid, about $243.7-million to investors and $126.7-million to banks. Sharp sentenced the former boy band producer to 25 years in prison in May, but kept him in the Orange County Jail pending Wednesday's hearing. Pearlman, who claims to be indigent, has been cooperating with investigators and the bankruptcy trustee, who are trying to recover assets for victims of one of the largest financial frauds in Florida history.

Pearlman ordered to pay restitution 07/16/08 [Last modified: Monday, November 1, 2010 4:11pm]
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