Boy Band Mogul Pleads Guilty to Federal Charges

Lou Pearlman was known for providing boy band after boy band to America's young girls in the '90s and early '00s. Now, according to the Associated Press, he is providing a guilty plea in court.

The mogul admitted that he had lied in a bankruptcy hearing and had laundered money. He also pled guilty to federal charges of conspiracy. It seems that Pearlman had conned $300 million out of banks and investors in his Transcontinental Airlines Inc.

Pearlman had lied about the number of planes Transcontinental had. He told investors the company had 41 planes when they had 2, and also lied about a $50 million German investor. Pearlman tricked investors into buying stock in a nonexistent company for 20 years, among other schemes.

Pearlman has said, "I'm accepting full responsibility." He will be sentenced on May 1 and could face up to 25 years in prison or a $1 million fine.