AllRespect.com // Justin Timberlake's ex-manager loses homes

Posted on 2007-09-10 13:37:36
Artist/band(s): Backstreet Boys [FB], Justin Timberlake [FB], N Sync [FB]

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Source: http://www.nme.com/news/justin-timberlake/30984

Lou Pearlman, the former manager of Backstreet Boys and 'N Sync is losing his homes in Florida and New Jersey as a result of his bankruptcy.

Pearlman is currently in jail after being arrested in June in Indonesia where he was hiding out in hotel using a fake name.

He is facing three counts of bank fraud and separate counts of mail and wire fraud after defrauding Integra Bank out of $20 million, says the Associated Press.

Yesterday a judge approved the sale of Pearlman's $7 million dollar Orlando house and a $335,000 Atlantic City condominium. He was also ordered to return a deposit of over $20,000 he made on a cruise and was forced to give up eight season tickets for Orlando Magic games.

Pearlman is also accused to defrauding more than 1,000 investors out of $315 million and court documents say he owes $120 million to several banks.

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