Backstreet Boys promoter Charged with Bank Fraud

Lou Pearlman, the music mogul behind the Backstreet Boys and N'Sync, has been jailed by the FBI in Guam on bank fraud charges.

He was arrested Tuesday in Indonesia and taken to Guam, where he is awaiting his first court appearance. Steve Cole with the U.S. attorney's office for Florida Middle District said that it could be days or weeks before Pearlman is sent back to Orlando.

The charge comes amid state and federal investigations into Pearlman's businesses based in Orlando, Florida. According to the Associated Press, he is accused of defrauding about 1,000 investors out of over $315 million through a fraudulent savings account plan. He then allegedly used the money to cover up losses in other businesses.

Days ago, Pearlman's Orlando estate was auctioned off as a result of involuntary bankruptcy proceedings against him and one of his companies, Trans Continental Airlines. The auction, which took place at Pearlman's headquarters on Church Street, garnered more than $200,000 and included Backstreet Boys memorabilia.