Lou Pearlman - For Some Much Is Never Enough

June 19. 2007

Lou Pearlman is the classic example of an entertainment industry member and businessperson whose greed knows no bounds.

He placed his money in developing the boybands the Backstreet Boys, NSYNC, LFO and O-Town. They all became successful, generating billions in revenue.

He even had a hand in Britney Spears’ early career success as well, you know, before she went all Tom Cruise on us. Wow, Britney really threw her career away and it is going to be extremely difficult and very unlikely that she’ll recapture it. Her next album is going to bottom out shortly after release and be considered a flop.

2000:

2007:

Britney: voila! aged 20 years in less than 7.

He made millions…and robbed his artists of millions as well. One by one, they all revolted, fleeing Pearlman’s Transcontinental label.

Now the FBI has arrested him for defrauding innocent investors out of $300,000,000. This guy is a first rate crook. If it wasn’t clear before, it is abundantly clear now that those boybands were right about him.

The man was already rich from robbing NSYNC and the Backstreet Boys. He didn’t have to do this (not that anyone has to rob others, as it is wrong).

You know what's amazing, as far back as 2002, it was reported that thousands of Floridians and New Yorkers were filing complaints against him for various levels of financial fraud and theft in different business schemes he had going, such as his companies Transcontinental records and management, Trans Continental Talent TCT, Wilhelmina Scouting Network WSN and Web Style Network and the authorities did nothing, because he is a rich, greasy man with financial clout.

He was steadily defrauding many in the public, yet the U.S. attorneys offices who received thousands of complaints about this man, looked the other way, declining the cases, citing the standard excuse of "lack of evidence," which is sometimes indicative of a payoff.

They let that man run loose until he got to the point that he robbed the public of $500,000,000. I say any official who knew of his misconduct all this time should be locked up as well for betraying the American public for reasons known only to them.

Chances are, these victims aren't gonna get their money back, all because some negligent, oath shirking U.S. attorney office employees willfully failed the public in conduct that should be investigated and prosecuted.

A Florida judge has ordered Pearlman extradited back to Florida to face serious financial charges and it is deserved. Pearlman had fled to Bali, Indonesia, where he was expelled as an "undesirable visitor."

He needs to pay his debt to society in jail for all the innocent people’s lives he’s destroyed by stealing their money and life savings through greed and fraud.

And as the Bible says, “Great was the fall thereof.” People, when you do things in life, do it the right way, because if you don’t, in a heartbeat, in an unexpected moment, it will all catch up to you and God will bring you to justice for the wrongs you have done to others. Then you will be laden with regret, deeming your misconduct not worth it.

STORY SOURCE

"It's my understanding from the case agent there's over $500 million at the time allegedly defrauded from 200 plus investors," David Smith, the FBI's assistant legal attache in Jakarta, told the court. The case follows a complaint filed in December by the Florida Office of Financial Regulation alleging securities fraud against Pearlman and 16 of his business entities, many of them beginning with the words Trans Continental.

According to the state lawsuit, Pearlman's companies for 15 years sold unregistered securities in what was called an "employee investment savings account" program, committing securities fraud by implying the money was safe and insured. But like a Ponzi scheme, according to the complaint, early investors were paid $118 million in dividends from deposits by more recent investors, while $7 million was paid in sales commissions and $50 million went to Pearlman and two other defendants.” – China Daily