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Lou Pearlman Indicted On Five Counts of Fraud

After his much-publicized capture in Bali and detainment in Guam, boy band impresario Lou Pearlman was finally indicted by a federal grand jury in Florida yesterday. Pearlman is accused of using fake accounting documents to secure millions of dollars in bank loans. Additionally, Florida investigators claim that Pearlman defrauded at least 1,000 independent investors out of more than $315 million; a handful of banks say he owes them more than $120 million. We’re thinking these developments move Pearlman up the list of baddest Svengalis ever.


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