BOY BAND FOUNDER INVOLVED IN ANOTHER LAWSUIT

Last updated: Tuesday, February 27, 2007

BOY BAND FOUNDER INVOLVED IN ANOTHER LAWSUIT

LATEST: LOU PEARLMAN is being sued by a New York City dentist who claims the boy band impresario failed to repay him over $1 million (GBP513,000).

Pearlman created such groups as the BACKSTREET BOYS and 'N SYNC and has been the subject of a series of recent lawsuits.

And now Manhattan dentist STEVEN SARIN claims Pearlman refused to return investments he made in his company, as well as money his brother and his parents invested in the business.

Sarin tells the New York Post, "I'm wiped out. My parents are wiped out. My parents are in their 80s. They don't need this.

"My mother said she's crying all the time. I'm sick."

Pearlman recently disappeared from his Orlando, Florida home amid allegations he had defaulted on loans from 1,400 investors totaling $317 million (GBP163 million).

Sarin and his family started investing in Pearlman's air charter company in the late 1980s and believed they were making huge returns based on the financial statements Pearlman sent them.

Source: WENN

| Tuesday, February 27, 2007

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