Pearlman Ordered to Make Nine-Figure Amend$
Rena Durham/ZUMAPress.com
We're thinking the wage earned pulling kitchen and laundry duty isn't going to cut it...
Lou Pearlman, the imprisoned boy-band visionary who bilked a number of banks and private investors out of $300 million, has been ordered to repay the entire sum to his victims—starting with the unfortunate, unincorporated individuals who had the misfortune of doing "business" with Pearlman.
The 10 banks, including Washington Mutual and Bank of America, that unwittingly loaned him money under false pretenses will be the last to collect any restitution, according to the ruling issued Wednesday by U.S. District Judge G. Kendall Sharp.
"The court feels the institutions were negligent in their loaning practices," Sharp said.
Per court documents, Pearlman owes the assorted banks $126.7 million.
The judge declined, however, the prosecution's request to tack $127 million in interest onto that sum, remarking, "It seems you're batting at windmills." All Pearlman has given to the government so far has been the "smirk on his face," he added.
But the guy who put the Backstreet Boys and 'N Sync together does have an incentive to wipe that smirk off his face—Sharp has allowed that for every $1 million Pearlman pays back, he gets a month wiped from his federal prison sentence.
The 53-year-old Florida resident was sentenced in May to 25 years—300 months—behind bars after pleading guilty to two counts of conspiracy and single counts of money laundering and making a false claim in a bankruptcy filing.
Also today, Sharp ordered that Pearlman be remanded to the U.S. Bureau of Prisons, meaning he finally has to leave the Orlando jail where he's been cooling his heels for the past year.
Otherwise, "this could go on ad infinitum," Sharp said.
Which federal institution he winds up in won't be disclosed until he arrives. The prison bureau currently has him classified as "in transit," according to the Orlando Sentinel.
BIG PICTURE
Love, Seriously Justin and Jessica bundle up for a somber walk through the park in his hometown of Memphis
More PhotosE! News Now
-
Breaking: Hudson Suspect Arrested
Police have obtained an arrest warrant for Jennifer Hudson's estranged brother-in-law. Get the latest.
-
Simon Cowell Compliments Britney
The "American Idol" judge actually has something nice to say for once! Hear his pop star praises and "Idol" invitation.
-
Kate Bosworth's Puppy Love
When it comes to sharing her bed, the 25-year-old blonde beauty picks her pooch over BF James Rousseau. Hear it!
-
Plenty of "Fame" In New Cast
The classic 1980 flick is being re-done with stars such as Kelsey Grammer and Megan Mullally in the mix. Get the details!
Most Commented
- Rosie Live DOA, Rosie Says (270)
- Grey's Anatomy: What Is Wrong With Izzie Stevens? (259)
- Backstage at DWTS: There's Something Funny About Brooke Burke (123)
- Madonna, A-Rod Make Beautiful Music Together (110)
- Heroes Redux: A One Tree Hill Star Has Been Cast! (109)
- Is Prison Break Ending? (101)
- Kanye West's Elvis Presley Complex (91)
- Miley's Mess and Lance's Lip Service! What You Didn't See on DWTS (93)
- Spoiler Chat: Look Who's Hooking Up and Dying! (83)
- Britney on Being Old, Dating and Her Son's F-Bombs (83)
Top 10 Stories
- Jennifer Hudson's Brother-in-Law Arrested for Family Murders
- Kirsten Dunst Fends Off Serial Trespasser
- CSI's Marg Helgenberger Splits From Hubby
- Britney Spears, Simon Cowell Make (Ratings) Record
- Brandon Davis Smash Hits Pink's Ride
- By Jove! Downey Jr. Downed on Sherlock Set
- Sienna and Balthazar Still Together for Turkey Day
- Latest Details on Travis Barker, DJ AM Reunion Gig
- Britney Spears: Looking for a Husband?
- Four Christmases Outnumbers Twilight at Box Office
Hot Topics
Fashion Police
Buddy SystemSienna gets zero friendship points for not telling Keira something looks out of place on her dress
More Photos
More Pics from mystyle.com
Our Partners
Shop
-
"Coffee, Tea...or Soup?" Mug Spend $40 on The Soup items and get this mug for just $5!
-
The Soup Talking Bottle Opener It really does talk...Check it out!
Get Your E! News Now
E! News Now
-
Breaking: Hudson Suspect Arrested
Police have obtained an arrest warrant for Jennifer Hudson's estranged brother-in-law. Get the latest.
-
Simon Cowell Compliments Britney
The "American Idol" judge actually has something nice to say for once! Hear his pop star praises and "Idol" invitation.
-
Kate Bosworth's Puppy Love
When it comes to sharing her bed, the 25-year-old blonde beauty picks her pooch over BF James Rousseau. Hear it!
-
Plenty of "Fame" In New Cast
The classic 1980 flick is being re-done with stars such as Kelsey Grammer and Megan Mullally in the mix. Get the details!
1 Comments
-
Show the next 1 - 0 of 1 comments
Now loading...