Lou Pearlman, the former boy band mogul of ‘NSync and the Backstreet Boys, has died in prison while serving a 25-year sentence for fraud.
According to the Federal Bureau of Prisons’ database, Pearlman died in custody on Friday. He was 62.
No further information was made available.
Pearlman was convicted of fraud in 2008 for his involvement in a massive Ponzi scheme that swindled 1,700 investors out of $300m.
The victims unknowingly invested in worthless stock and retirement-account investments through Pearlman’s Trans Continental companies, reports Sky News.
Hundreds of lawsuits were filed in the case, including one by the Backstreet Boys.
‘NSync singer Lance Bass tweeted that the Orlando entrepreneur “might not have been a stand up businessman”, but added: “I wouldn’t be doing what I love today wout his influence. RIP Lou.”
No comments:
Post a Comment