Last updated: Thursday, July 12, 2007
LOU PEARLMAN DENIES FRAUD
LATEST: Troubled boy band svengali LOU PEARLMAN has denied defrauding a several U.S. banks of $100 million (GBP50 million).
LOU PEARLMAN
The 53-year-old music mogul, who created Backstreet Boys and 'N Sync, refused to enter a plea after appearing at the U.S. District Court in Orlando, Florida, to face three counts of bank fraud, and two separate counts of mail and wire fraud on Wednesday (11Jul07).
But Judge Donald Dietrich entered a not guilty plea for Pearlman and ordered he continue to be represented at no cost by a public defender.
A lawsuit filed in Florida alleges Pearlman manage to secure bank loans of $20 million (GBP10 million) using papers from a fictional accounting firm.
Several banks allege Pearlman collectively owes them over $120 million (GBP60 million).
Pearlman faces 130 years in prison and a $3 million (1.5 million) fine if convicted of all charges in the federal indictment.
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Source: WENN
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