Tampa, Fla. (AP) The man who created 'N Sync and The Backstreet boys is planning to plead guilty to conspiracy and money-laundering.
Prosecutors have released a 47-page plea agreement signed by Lou Pearlman in which he admits to scams that defrauded investors and banks out of more than $300 million.
He will plead guilty tomorrow in Orlando, Florida. A federal judge will decide a sentence, which could be up to 25 years in prison and $1 million in fines. As part of the agreement, Pearlman must make full restitution to his victims and forfeit money and
property. Pearlman's memorabilia from his work with boy bands was auctioned off last year.