Backstreet Boys Manager Pleads Guilty To Fraud

05 March 2008

Lou Perlman, who once managed the Backstreet Boys and N'Sync, has apparently made a plea bargain deal in his fraud case.

Perlman was arrested in June last year after allegedly defrauding banks out of a tidy $120 million, and stolen around $315 million from several investors.

He has now reportedly agreed to help recover assets and money stolen from investors and plead guilty to the bank fraud. His jail term is yet to be decided by the judge.

Perlman apparently owes the Backstreet Boys over $4 million!