Members Billster Posted May 21, 2008 Members Share Posted May 21, 2008 No, not for inflicting Backstreet Boys on the public, or N'Sync, or even for O-Town. No, he's headed to pokey for running a ponzi scheme to finance his racket. Ooops U.S. District Judge G. Kendall Sharp noted that many victims were Pearlman's relatives, friends and retirees in their 70s or 80s who lost everything. Link to comment Share on other sites More sharing options...
Members wwwjd Posted May 21, 2008 Members Share Posted May 21, 2008 "Over the past nine months since my arrest, I've come to realize the harm that's been done," Pearlman said in a short courtroom statement. "I'm truly sorry and I apologize for what's happened." Why do they even bother saying or printing things like? My SCAM statement will be as follows: "I made a lot of money off a lot of stupid people by lieing directly. There is no changing the past and I had a lot of fun with that money. Now, I'm off to prison where I can live free of charge, off the taxpayers money. In a sense I'm STILL bilking you out of money. HA! You all suck. You can go _____ _____ you mother's _____, on ______ with_____ 42 _____ __ -______ _____! Print THIS you news hounds." Link to comment Share on other sites More sharing options...
Members Rudolf von Hagenwil Posted May 21, 2008 Members Share Posted May 21, 2008 $300 mio? for 25 years prison you must kill 30 people here Link to comment Share on other sites More sharing options...
Members Billster Posted May 21, 2008 Author Members Share Posted May 21, 2008 What is it with the political stuff? I start a perfectly fun thread making fun of Lou Pearlman getting his karmic comeuppance, and three posts later someone's comparing Club Fed to Chinese prisons. Link to comment Share on other sites More sharing options...
Members Kerouac Posted May 21, 2008 Members Share Posted May 21, 2008 One of our (former) local mayors just got three years for embezzlement. He's good friends with my dad and I've known his family for years. As for Lou Perlman, this must be karma for unleashing N*Sync. Link to comment Share on other sites More sharing options...
Members Billster Posted May 21, 2008 Author Members Share Posted May 21, 2008 As for Lou Perlman, this must be karma for unleashing N*Sync. That's the spirit! I'm sayin' O-Town. Link to comment Share on other sites More sharing options...
Members Super 8 Posted May 21, 2008 Members Share Posted May 21, 2008 No question that Papa Lou is an opportunist. And he does deserve something nasty for cloning New Kids on the Block. Why do obscenely wealthy people like him take such remorseless advantage of people? Link to comment Share on other sites More sharing options...
Members blue2blue Posted May 21, 2008 Members Share Posted May 21, 2008 "Over the past nine months since my arrest, I've come to realize the harm that's been done," Pearlman said in a short courtroom statement. "I'm truly sorry and I apologize for what's happened."Why do they even bother saying or printing things like? My SCAM statement will be as follows:"I made a lot of money off a lot of stupid people by lieing directly. There is no changing the past and I had a lot of fun with that money. Now, I'm off to prison where I can live free of charge, off the taxpayers money. In a sense I'm STILL bilking you out of money. HA! You all suck. You can go _____ _____ you mother's _____, on ______ with_____ 42 _____ __ -______ _____! Print THIS you news hounds." LOL... literally. One addendum/mod to your scam statement -- I'd start out with Pearlman's intro: "Over the past nine months since my arrest..." and I'd add, "... I've been out on bail and furiously spending the last few dribbles of the money you gave me because you were so greedy or stupid or foolishly trusting you didn't even bother to check out where you were putting your life savings..." Don't get me wrong, I'm sympathetic with those who truly didn't know they were in a Ponzi scheme and who did not market the scheme to others. But in my experience watching various pyramid schemes since the early 60s (when I got to watch one Saturday as the FBI rolled in and hauled away all the shiny suits behind one particularly ripe scheme from some of my dad's business neighbors -- much to the visible delight of my ol' man who had been grumbling aloud about these mob-linked guys for months), many or most of the 'victims' in classic Ponzi schemes know what's up and think they can get in and out without being burned -- and "downstream" be damned. Perhaps Pearlman's scam was more like the "investment guru," Reed Slatkin, who was the "genius" (and a founding partner) behind the capitalization of Scientologist Sky Dayton's original Earthlink. Slatkin, an ordained Scientology minister, as well, ripped off everyone, including fellow Scientologists, including many high up in the organization heirarchy, to the tune of $200 million. But Slatkin only got fourteen years... I'm guessing they must have tacked on extra penalties to Pearlman... not just because of the somewhat larger amount (although adjusted for inflation...) You know, commit a felony while in possession of a boy band and receive an exta 12 years... Back in the late mid-90s, one of my musician friends mentioned that his investment counsellor kept returning great profits. I asked how risky the investments were, how diversified, etc. He said he didn't know. I said, well what sectors does he have your money in? He didn't know. He had something over a third of a million with the guy. I said, And you don't even know what he's got you into? You need to do your homework. And this was an era of heightened awareness of Ponzi schemes, no less. But, sure enough, he lost everything but about $50K... the investment counsellor went to jail promising to pay everyone back. They all do. Link to comment Share on other sites More sharing options...
Members rasputin1963 Posted May 22, 2008 Members Share Posted May 22, 2008 I'm told Lou Pearlman is Art Garfunkel's cousin or uncle or nephew or something? Link to comment Share on other sites More sharing options...
Members sventvkg Posted May 22, 2008 Members Share Posted May 22, 2008 Term will be reduced upon appeal and let's see how much time he really does. Maybe 5-7 years at most and I'm betting he does less then 5 years. Any bets? Link to comment Share on other sites More sharing options...
Members Billster Posted May 22, 2008 Author Members Share Posted May 22, 2008 Any bets? Sure. Give me all your money, and I'll pay you back with any money I collect from subsequent wagers. Link to comment Share on other sites More sharing options...
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