ORLANDO, Fla. (AP) – The creator of the Backstreet Boys and ‘N Sync has agreed to plead guilty to charges he laundered money and made false statements during a bankruptcy proceeding.
Lou Pearlman will appear in court Thursday, according to a 47-page plea agreement released Tuesday.
Federal prosecutors accuse Pearlman of lying to investors to raise millions of dollars for fake companies. They say the total loss to investors is estimated at more than $300 million.
The plea deal says Pearlman will help investigators develop cases and testify against others who helped in his schemes.
Federal prosecutors still plan to seek a significant prison sentence for Pearlman.
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