The Backstreet Boys and ‘N Sync’s svengali/exploiter Lou Perlman was sentenced to 25 years in prison today for defrauding investors and banks to the tune of $300 million dollars. For 20 years Perlman lured investors into placing millions of dollars into two companies that didn’t exist. Perlman faked financial statements to keep the curious at bay. For 20 YEARS!
Classy Perlman’s victims included his family and friends, and elderly people who lost their life savings in the scams. Naturally, the judge was quite unsympathetic towards Perlman, and slapped him with 25 years in the big house. Perlman tried to buy time because he’s launching a new European pop band called “US 5” in the United States and Asia! Judge doesn’t give a shiz about new boy bands. He’s also too smart to buy Lou’s snake oil about the “significant profits” US 5 would be earning which could be used to pay back his victims.
The Backstreet Boys and N’Sync both realized into their relationships with Perlman that he was cheating them blind, and have spoken in the past about their horrible experiences. It will be interesting to see if any of Lou’s former prodigies speak out about his upcoming great adventure.