Lou Pearlman, the brains behind mega boybands N'Sync & The Backstreet Boys is currently on the run, after swindling senior citizens out of over 300 million dollars, according to Florida authorities. Pearlman is also accused of stealing more than 100 million from various banks. "I lost everything," said John Spears, an 80-year-old, wheelchair-bound veteran who invested his life savings, some $200,000, in what he was led to believe was an insured interest-bearing savings fund.
Federal investigators say victims were sold fake securities called "employee investment savings account", investors did not believe they were being scammed because of reasonable interest rates. He also won people over by telling victims he was FDIC insured, a mark that many americans have come to trust. "Mom and pop see FDIC in an ad and they are conditioned to trust that. People were disinclined to ask an attorney because they thought, 'Do I really need to, if this is FDIC insured? Only, the FDIC doesn't cover con artists. It only covers the failure of federal lending institutions," says Robert Persante, a Florida lawyer representing eight victims.
FBI spokesman Kevin Farrington says they are working with other overseas agencies to get to Pearlman, but things move slowly when international red tape. The Orlando Sentinel is reporting that Lou Pearlman recently tried to wire himself 250,000 in Germany,but authorities were tipped off. Moves are being made to freeze assets in pearlmans companies.
My Trusted MOGs
oh snap. that's rough. what a loser.
guess that's why he had those groups start out in random places like germany.
My Trusted MOGs
Oh, Lou Pearlman... I thought I'd only ever hear your name again in connection with something highly unsavory... and I was right.
My Trusted MOGs
Oh, Lou Pearlman... I thought I'd only ever hear your name again in connection with something highly unsavory... and I was right.