NSYNC + Backstreet Boys Producer Lou Pearlman died last week from ongoing heart problems, according to medical examiners!!!
Get more details on the passing of Lou Pearlman on the flip….
CelebNMusic247.com has just got word that the 62-year-old music mogul passed away on Friday. Pearlman had a history of cardiac issues and was scheduled to undergo heart surgery before he died.
Here is what we’ve learned via the Miami-Dade Medical Examiner:
Pearlman was in the midst of a 25-year prison sentence, but had reportedly been transferred from his jail cell to a Miami hospital in advance of the procedure. He died in the hospital, according to the report. As for his death, it was officially ruled a result of natural causes.
Pearlman rose to fame in the 1990s as the creator of acclaimed music groups *NSYNC and the Backstreet Boys, among others — but was locked up in 2008 after pleading guilty to his role in a massive Ponzi scheme that duped investors out of more than $300 million. It was also stated that Senior U.S. District Judge G. Kendall Sharp offered the onetime ‘NSYNC manager the chance to reduce his sentence by shaving a month off his term for every $1 million he pays back to investors.
Obviously that didn’t work because according to a plea agreement Pearlman signed in March, the investors, individuals and banks were enticed into investing in two shell companies that existed only on paper and which were part of an elaborate, years-long pyramid scheme in which Pearlman fabricated financial statements from a phony accounting firm to keep the scam going.
Before getting locked up, Pearlman had unsuccessfully tried to delay his sentencing to give him time to launch his latest boy band, US 5, which he said could provide “significant profits” that might be used to pay back his victims. Pearlman had asked for permission to have supervised access to a phone and Internet connection while in custody to promote the band in the U.S. and Asia, but federal prosecutors balked, saying that Pearlman’s fraud proved he could not be trusted to conduct business using those means.
Likewise, several of his clients accused him of similar financial improprieties years earlier. The Backstreet Boys sued him in 1998, claiming they were only receiving a fraction of the profits he’d been pocketing. *NSYNC filed a similar lawsuit the following year.
Pearlman’s death was met with mixed reactions from former boy banders, with A.J. McLean of the Backstreet Boys expressing gratitude to Pearlman for giving him his start.
Meanwhile, NSYNC’s Justin Timberlake, message to the controversial music executive was a bit shorter.
“I hope he found some peace…God bless and RIP, Lou Pearlman.”
RIP Lou Pearlman