Federal Authorities Reach Final Lou Pearlman Settlement
Fri, 18 Jul 2008 10:09:50
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While he's currently serving a 25-year prison sentence for several decades of scamming more than 1,000 people, Lou Pearlman has now been served with the final judgment in his case: $300 million in restitution costs for taking out bogus loans and getting people to invest in companies that didn't exist. U.S. District Judge G. Kendall Sharpe told prosecutors and Pearlman's defense attorneys to amend all court documents with the new payout amount on Wednesday.
In May, Sharpe said he'd take a month off the former boy band manager's (Backstreet Boys, *Nsync) sentence for every $1 million he paid to compensate victims. Nothing has been settled yet, however.
"Since the time of the sentencing all you've gotten from the defendant is the smirk on his face," Sharpe said to prosecutors. "So let's try to get some money first."
—The ARTISTdirect Staff