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Trustee sues over fraudulent Pearlman investments

Lou Pearlman bankruptcy trustee Soneet Kapila on Monday sued Michael Crudele, a key figure in the sale of fraudulent investments in Pearlman's Orlando company. U.S. Bankruptcy Judge Arthur Briskman signed a temporary restraining order prohibiting Crudele and his company, Aegis Consulting, from taking any action regarding assets transferred from Pearlman and his companies or that are the "proceeds or products" of those transfers. Kapila says the $7.5-million that Crudele and his company received in the four years before last year's bankruptcy filing represented fraudulent transfers. Pearlman's company even bought Florida Prepaid College Plans for Crudele's three children. Pearlman, a former music producer known for his management of the Backstreet Boys and other boy bands, pleaded guilty to stealing more than $300-million from banks and investors. He is scheduled to be sentenced May 21.

Trustee sues over fraudulent Pearlman investments 04/28/08 [Last modified: Thursday, October 28, 2010 1:27pm]
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