Thursday, June 14, 2007

See? I knew this was a great week for music!

Lou Pearlman, the man responsible for shoving boy bands down the throats of American listeners, is now bankrupt. All his boy band paraphernalia has been auctioned off. Here is the full story in its schadenfreudelicious detail.

Pearlman allegedly defrauded about 1,000 investors of more than $315 million by selling for years a bogus savings account plan, then using their money to cover his losses in other businesses. Banks are hounding him and his companies for more than $120 million, according to court documents.

He also is being investigated by the FBI, IRS and state authorities.

Pearlman's whereabouts are unknown. He hasn't been seen or heard from in months, nor has he responded to multiple subpoenas.

Question: is he hiding from the FBI, the IRS, or angry music lovers?

(Via Reconstitution.)

Update: Oooops! Looks like the law caught up with Mr. Pearlman.)