Baby by, by, by.

Bob Slydell · Jun 14, 2007

Good to see Lou Pearlman living the high life after subjecting us to those carppy boy bands. Karma baby.

Boy-band mogul Lou Pearlman arrested in Indonesia, charged with 1 count of bank fraud
ORLANDO, Fla. (AP) — Boy-band mogul Lou Pearlman was arrested in an Indonesian hotel early Thursday, turned over to U.S. law enforcement officials and flown to Guam to appear before a judge there, authorities said.
Pearlman was charged with one felony count of bank fraud.
â€œWe expect that he will be returned to Florida,â€ said Steve Cole, a spokesman for the U.S. Attorney’s Office in Tampa.
Pearlman allegedly defrauded about 1,000 investors of more than $315 million by selling for years a bogus savings account plan, then using their money to cover his losses in other businesses. Banks are hounding him and his companies for more than $120 million, according to court documents.
Pearlman conjured multi-platinum success by piecing together boy bands such as the Backstreet Boys and ’N Sync in the 1990s.
He hadn’t been seen or heard from in months, nor had he responded to multiple subpoenas.
Creditors liquidated Pearlman’s assets at an auction Tuesday in Orlando. Proceeds from the sale were to pay off his considerable debt, though authorities were still trying to put the whole picture together.
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