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Restitution hearing set for boy band creator
2008-07-16
ORLANDO, Fla. - A restitution hearing is scheduled for Wednesday in Florida to determine how many investors were bilked -- and of how much money -- by convicted boy band architect Lou Pearlman. Pearlman put together the Backstreet Boys and 'N Sync but is now serving a 25-year sentence after pleading guilty in March to two counts of conspiracy and single counts of money laundering and presenting a false claim in bankruptcy court. Prosecutors say Pearlman scammed individuals out of an estimated $200 million, and banks out of another $100 million. U.S. District Judge G. Kendall Sharp has said that many victims were Pearlman's relatives, friends and retirees in their 70s or 80s who lost everything.
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