UPDATE: Details have been provided in the death of Former Boy Band founder Lou Pearlman. Authorities say Pearlman died of cardiac arrest at a Miami hospital while awaiting surgery
for a heart issue. Pearlman had a history of heart problems.
The mastermind behind “Boy Bands” N’Sync and The Backstreet Boys has died
Lou Pearlman died Friday while serving a 25-year sentence for one of Florida’s largest -ever Ponzi schemes. 62-year-old Pearlman built an empire of Boy Band acts around the world in the late 1990s . It collapsed in 2006 after authorities discovered that he was running a massive $300 million dollar Ponzi scheme. Pearlman filed bankruptcy in 2007, was then convicted of fraud, and subsequently sentenced to prison in 2008. The cause of Pearlman’s death has not been disclosed as of Sunday
The Orlando entrepreneur is credited with starting the ’90s global Boy-Band craze, and managed big-name acts including the Backstreet Boys, ‘N Sync, O-Town and the Chippendales before the scheme was uncovered. Pearlman also invested heavily in the Orlando area, including a large redevelopment project in downtown Orlando, and the Orlando Predators Arena Football Team.Pearlman’s victims were conned into investing in worthless stock and IRAs through his companies – Transcontinental Airlines Travel Services and Trans Continental Airlines . He pleaded guilty to two federal conspiracy charges, money laundering and making a false statement in a bankruptcy proceeding.