Man Behind Boy Bands Pleads Guilty To Fraud.

Did you ever shake your fist and wonder what evil maniac was behind the creation of the Backstreet Boys or 'NSYNC? No? I sure did. And now karma's caught up with the man.

Lou Pearlman is the figure behind those boy bands, and he recently pleaded guilty to fraud. He has also agreed to make restitution to victims of his phony bank and investment schemes. He swindled an estimated amount of $300 million. That ain't chump change.

Pearlman admitted that for 20 years he enticed people and entire banks to invest millions in two companies that existed nowhere except on paper. Those companies were called Transcontinental Airlines Travel Services Inc. and Transcontinental Airlines Inc. His schemes were sustained by a fictitious accounting firm called Cohen & Siegel, which he created in 1995 with only a telephone.

He also is to plead guilty to money laundering and filing a false claim of bankruptcy, according to Reuters. As part of the deal with the court, Pearlman will forfeit approximately $97,000 in bank checks and several automobiles as part of his reparations for his victims. Maximum penalty for such charges includes 25 years in prison and a $1 million fine.