Former Music Mogul Sentenced to Prison

Lou Pearlman, the man responsible for forming *NSYNC and the Backstreet Boys, was sentenced Wednesday in Orlando to 25 years in federal prison for bank fraud.

Pearlman, credited for his part in molding the boy band craze of the 1990s, fled the country in January of 2007 and was arrested in Bali, Indonesia last June after he was ousted from the country, as reported by mtv.com.

The former music mogul, 53, pleaded guilty to two counts of conspiracy and single counts of money laundering and making a false claim in bankruptcy filing, according to eonline.com. His plea coupled with his agreement to help authorities track down his coconspirators helped him avoid more serious charges.

According to mtv.com, Pearlman's two decade long scam cheated investors out of more than $300 million. Senior U.S. District Judge G. Kendall Sharp has agreed to cut one month off Pearlman's sentence for every $1 million he can pay back. As he is sentenced to 300 months, it is possible he can avoid jail time altogether if he pays back the full $300 million.