Backstreet Mogul Is Jailed

Lou Pearlman – the man who launched Backstreet Boys and N Sync – has got a new career ahead of him…. as a convict.

He’s been sentenced to 25 years in prison for swindling investors and major US banks out of more than $300 million.

However, US District Judge G. Kendall Sharp gave Lou the chance to cut his prison time by offering a one-month reprieve for every $1 million in cash he helps a bankruptcy trustee recover for his victims.

That means he could cancel his entire 300-month sentence by repaying the $300 million debt.

In a scam that spanned two decades, Lou admitted to enticing individuals and banks to invest millions of dollars in two companies which existed only on paper.

He won investors' confidence with fake financial statements created by a fictitious accounting firm.

The 53-year-old impresario lived a jet-set life of mansions and luxury cars before the fraud scheme collapsed after discovering and overseeing the success of Backstreet Boys and NSync.