Boy-Band Mogul Found

Lou Pearlman is the man behind some of the most lucrative musical acts such as Nsync and BackStreet Boys. He had a huge part to play in the boy-band movement of the late nineties and reportedly made over $2 billion. However, authorities have been after Pearlman for allegedly committing fraud of over $120 million to banks and $315 million to over 1000 private investors. After complaints of his dealings started to surface he fled and eluded authorities for several months.

Pearlman was found Thursday in Indonesia, released into FBI custody, and taken to Guam, a U.S. territory. The boy-band mogul was charged with fraud and is awaiting an additional hearing next week. He supposedly used a fake accounting firm, which was set up by himself or one of his minions, named Cohen & Siegel. The faux-firm was used to prepare documents to present to lenders and investors. Pearlman is suspected of being involved in long-running-scams, which is why more and more allegations from different investors and banks keep coming his way.