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Boy band music mogul Lou Pearlman -- the band behind *NSYNC, Backstreet Boys and LFO -- is facing three charges of bank fraud involving more than $100 million, following accusations from various banks and investors that the former manager was stealing from them. Pearlman, who was arrested in Indonesia last month and ordered by a Florida judge to remain in jail while attorneys prepare his case, also faces separate charges of mail and wire fraud. If convicted, he could be sentenced up to 130 years in prison.
PopEater spoke with former LFO member Brad Fischetti to get his take on a man many love to hate, including those he brought to fame, and Fischetti's own experiences with the entertainment heavyweight.
What's your reaction to the federal fraud charges Pearlman is currently facing?
The local media in Orlando has been discussing the impending charges against Lou for months now, so the fact that the charges have been filed doesn't surprise me, but the fact that the charges have validity does. I suppose that as an artist and friend of Lou, one just assumed that Lou was generating income from the scores of successful entities he was involved with. At this point, I am simply saddened by the entire situation and the mounting legal issues facing Lou.
Justin Timberlake once said of experience with Pearlman: "I was being monetarily raped by a Svengali." Did you feel that way as far your experience with Pearlman serving as manager for LFO is concerned?
I can't say that I feel the same. Like *NSYNC, LFO went through contract renegotiations with Lou and his label, Transcontinental Records. Since *NSYNC and Backstreet Boys had renegotiated with Lou prior to the LFO negotiation, we were able to benefit from their cases and settle with Lou without too much hardship -- although it did cost us a very significant amount of money in legal fees. Further, the case with *NSYNC and BSB was probably much more complex since both bands sold many more millions of records than did LFO. Perhaps his contracts were unfair but who else would be willing to sink a million or more dollars into your band?
It's unfortunate that the relationship between Lou and BSB, *NSYNC and LFO had to essentially end over money because for some time there, Lou headed up quite an empire. I think at least one or two members from each band was able to redevelop a friendship with Lou after the legal battles, but the business relationship was clearly never the same.
How do you feel about Pearlman serving jail time while his case is prepared?
To be honest, it bothers me tremendously. Not only to see my friend on TV being lead away in handcuffs, but by the way the majority of the media has made a spectacle out of his arrest. I don't know specifics of what's going on except for what I read in the paper, but I do know that this situation is not a joke. It's serious business not only for Lou, but for the banks and investors who have allegedly lost money. I can only hope that Lou is able to develop a plan to resolve the situation. If anyone can, it's Lou.