Boy band scammer nabbed

Two days after many of his possessions were auctioned off for more than $200,000, Ponzi perpatrator Lou Pearlman has been arrested.

Two days after many of his possessions were auctioned off for more than $200,000, Lou Pearlman, the alleged mastermind behind one of the country’s longest-running Ponzi schemes has been taken into custody, according to published reports.
Mr. Pearlman, who has been on the lam since February — shortly before FBI officials raided his home and Tampa-area business, Trans Continental Airlines Inc.
He was arrested this morning in Indonesia, according to the Orlando Sentinel.
The former boy band promoter is accused of bilking more than 1,400 investors out of more than $317 million over a 15-year period.
In addition to the money owed to investors, Mr. Pearlman also reportedly owes $160 million worth of bank loans, according to the St. Petersburg Times.
The federal charges against Mr. Pearlman have not yet been revealed, but he was expected to appear before a federal judge later today in Guam, according to reports.