Government Asking Lou Pearlman To Pay $424 Million In Restitution
According to the Orlando Sentinel, the government is asking U.S. District Judge G. Kendall Sharp to order Lou Pearlman to pay back $424.4 million at a restitution hearing set for Wednesday. The numbers include $193.8 million from 1,653 account holders in the Employee Investment Savings Account program, $103.8 million in losses from 453 investment account holders who bought stock in Transcontinental Airlines Travel Services (which was essentially a bogus air carrier), and $126.7 million lent by 10 financial institutions around the country to the boy band impresario or his companies. Read more.
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