Lou Pearlman Sentenced to 25 years in Jail

Lou Perlman, who arranged a deal with authorities, was sentenced to to 25 years in prison on Wednesday for swindling investors and major U.S. banks out of more than $300 million.  I'm still shocked this wasn't some kind of child porn charge, like R. Kelly.  He did stick us with the Backstreet boys and 'N Sync.

And, get this, he asked his sentence to be delayed so he could launch a European boy band US 5 in the United States and Asia.  Thank goodness for all of us the judge denied that.

In creative sentencing, the judge gave him the chance to cut his prison time by offering a one-month reprieve for every $1 million in cash he helps a bankruptcy trustee recover for his victims.  Which means he wouldn't have to serve any time if he repays the $300 million debt.

His lawyer argued that a 25 year sentence was a death sentence because his client was SO OLD and TOO RICH to adjust to life in prison.  (Where exactly do lawyers came up with this nonsense?  Oh right, law school.)  He said Lou had lived a jet-set life of mansions and luxury cars.  Wait, isn't that because he STOLE a ton of money?

Lou admitted in his plea agreement to coercing individuals and banks to invest millions of dollars in two companies which existed only on paper, the creatively named Transcontinental Airlines Travel Services Inc and Transcontinental Airlines Inc.  He even had fake financial statements created by a fictitious accounting firm.  (Didn't anyone ask where the planes where?)

He swindled family, close friends, and some people in their 70s and 80s who lost their life savings.  One elderly woman claimed losing all their money caused her husband's death.  The judge said to Lou, "the sympathy factor doesn't run high with the court."

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Comments

[noholzbarred]

So true that there should have been some kind of child porn charges, too, what with all the allegations of inappropriate behavior towards various boys in the boy bands over the years. So he dodges that potential charge, and then has the nerve to throw in the court's face that he's STILL up to his old boy-band hobby!? Talk about someone who is completely immune to any notions of remorse or responsibility.

BTW, he did own a plane or two for show-off purposes, which made the scam more convincing. (see Vanity Fair archives--there was a revolting article about him sometime last year)

[helenel]

Huh. I thought O-Town was his greatest crime.

[San Francisco Photos]

I could tell this guy was sleazy when they were profiling him on news shows.