Boy Band Mogul Pearlman Pleads Guilty

Criminal Law

For years, Lou Pearlman wowed banks and investors with slick talk and a lavish lifestyle. But when the one-time architect of the Backstreet Boys and 'N Sync set his hand on a courtroom Bible, he set the act aside. Pearlman pleaded guilty Thursday to federal charges of conspiracy, money laundering and making false statements during a bankruptcy proceeding. The plea was the result of a lengthy federal probe alleging he bilked investors and banks out of more than $300 million.

Pearlman's Transcontinental Airlines Inc. didn't have 41 airplanes, as he represented to investors. He had two, he said in court.

And he didn't have a German investment partner with a $50 million line of bailout capital, he acknowledged. In fact, that guy was also trying to get money out of him.

"I'm accepting full responsibility," Pearlman said in a roughly 50-minute change of plea hearing.

He will be sentenced May 21, and faces up to 25 years in prison and a $1 million fine.

Pearlman also pledged to help prosecutors locate coconspirators and any remaining assets, but couldn't explain to U.S. District Judge G. Kendall Sharp where the money went.

"In different investments," he said. "Aircraft, living expenses, working capital."

Pearlman acknowledged setting up a fake accounting firm to create business documents and tax returns for himself and his companies. He also admitted using the signature of a deceased former associate, Harry Milner, to push off anyone seeking repayment. Milner hadn't worked with Pearlman since 1989, the mogul acknowledged, and died in 2003.

Related listings

  • Ex-Tennessee Sheriff Pleads Not Guilty

    Ex-Tennessee Sheriff Pleads Not Guilty

    Criminal Law 03/06/2008

    A former county sheriff pleaded not guilty Wednesday to federal extortion, drug and weapons charges that stem from an FBI undercover investigation.Court records show that between April and mid-December, Billy Long, 55, accepted $17,400 in what he was...

  • Man Pleads Not Guilty to 1983 Robbery

    Man Pleads Not Guilty to 1983 Robbery

    Criminal Law 02/28/2008

    An alleged Puerto Rican militant has pleaded not guilty to robbing a Connecticut armored car depot in 1983.Avelino Gonzalez Claudio had fought extradition to the U.S. from Puerto Rico, but a federal judge there rejected his bail request. He appeared ...

  • Lawyer: Japan Should Avoid Slay Case

    Lawyer: Japan Should Avoid Slay Case

    Criminal Law 02/25/2008

    The lawyer for a Japanese businessman arrested on suspicion of fatally shooting his wife here in 1981 said Monday he would formally urge the Japanese government not to cooperate with American investigators.The businessman, Kazuyoshi Miura, was arrest...

Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.

Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.

Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:

• Injuries to the back and neck, including severe spinal cord injuries
• Serious head injuries
• Heart problems resulting from workplace activities
• Injuries to the knees, elbows, shoulders and other joints
• Injuries caused by repetitive movements

For Illinois Workers’ Compensation claims, you will ALWAYS cheat yourself if you do not hire an experienced attorney. When you hire Krol, Bongiorno & Given, Ltd, you will have someone to guide you through the process, and when it is time to settle, we will add value to your case IN EXCESS of our fee. In the last few years, employers and insurance carriers have sought to advance the argument that when you settle a case without an attorney, your already low settlement should be further reduced by 20% so that you do not get a “windfall.” Representing yourself in Illinois is a lose-lose proposition.

Business News

New York & New Jersey Family Law Matters We represent our clients in all types of proceedings that include termination of parental rights. >> read