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Written by Administrator
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Monday, 05 February 2007 |
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While Florida authorities and banks attempt to recover assets from the boy-band promoter, Louis J. Pearlman remains optimistic that multi-million dollar debts and accusations of fraud will go away. Fraud expert has enough material for new book on the Orlando-based celebrity. [USPRwire, Mon Feb 052007 - Despite the overwhelming and undisputable evidence put forward by Florida authorities that his corporate employee savings program, offered to the general public since 1991, was a massive fraud, Lou Pearlman, of Backstreet Boys fame, in an open letter to the Orlando Sentinel, expressed his optimistic vision of a bright future and love for Florida, not once mentioning any concern for the investors, many of whom were elderly, who trusted their life savings with the seemingly self-absorbed Svengali.
While the State of Florida - Office of Financial Regulation has stated in its lawsuit against Pearlman and his known accomplices, that the loss to investors is between $95-135 million, an informant assisting the government has pegged the amount owing, but still missing, at no less than $300 million.
Somehow blaming the latest news of securities malfeasance and unpaid bank loan debts, currently exceeding $130 million, on his success, Pearlman, from abroad, stated, “The tremendous amount of attention given to my private company is largely due to the fact that although we are a local company, we have enjoyed high-profile success on an international scale.”
Beleaguered by multiple lawsuits, the promoter still managed to maintain a positive spin of things even as his Church Street offices in Orlando, jet and personal condominiums were being foreclosed upon as security for the multiple loans he has since defaulted on. “I’m an optimist. Rebuilding and making things better is what I do..”
Initially blaming the rash of multi-million dollar lawsuits on greedy exploiters of his fame and fortune, the Orlando landmark turned his attention to media naysayers while expressing pride in what he has accomplished thus far. It seems, however, that given the implosion of his talent and airline empire under colossal debt and legal wranglings, Mr. Pearlman may not have been justified in taking a $200 million dollar dividend from his debt-strapped concerns in 2005/06 alone, according to a state lawsuit..
Les Henderson, one of many fraud awareness advocates who have covered Pearlman's misdeeds for years, recently released a book about "Big Poppa's" foray into talent scouting, along with several convicted criminals, entitled "Under Investigation" which is available at Amazon.com.
The Canadian writer and investment fraud expert, whose early warnings about Pearlman had been ignored in the past, is of the strong opinion that Lou Pearlman’s major accomplishment will be to have orchestrated the world’s longest running Ponzi scheme in history. Says Henderson, “Most of these investment frauds implode within 18 to 24 months. Lyin’ Lou, through his enormous public persona, and the wisdom to keep the bogus interest rate reasonably low, has managed to dupe the investing public and the authorities for sixteen years.”
Mr. Henderson was prompted to investigate and write the highly detailed book after Pearlman sued several of his detractors for notifying the Florida Attorney General Charlie Crist about the obvious criminal activities occurring within the Church Street complex. The book suggests that Charlie Crist whitewashed the investigation in favor of Pearlman, who, has since hosted fundraising parties at his home for the newly elected Governor.
The bombastic and clearly frivolous case against the fraud expert was recently dismissed for lack of evidence after two and half years in an Orlando court. Mr. Henderson, in turn, has also sued Mr. Pearlman, his companies and his associates in Ontario, Canada for defamation. That case is proceeding but even with a judgment, there is little likelihood now of any recovery beyond that of his vindicated reputation. Les Henderson’s next book, entitled “Fraud Flies First Class: Lou Pearlman’s Perfect Ponzi:,” will be published in the near future as a sequel to “Under Investigation: The Inside Story of the Florida Attorney General’s Investigation of Wilhelmina Scouting Network – The Largest Model and Talent Scam in America.” Also available at Amazon.com is his book “Crimes of Persuasion: Schemes, Scams, Frauds” which deals with telemarketing and investment fraud in general. |
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Written by Lou Pearlman Writer
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Friday, 16 February 2007 |
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By HELEN HUNTLEY at Sptimes.com
Published February 16, 2007 State regulators say he owes investors $317-million. Federal agents poured into the home and offices of Orlando music producer Lou Pearlman Thursday, the first public acknowledgement that he and his crumbling entertainment empire are the targets of a criminal investigation. Pearlman and his Trans Continental companies owe investors more than $317-million in what state regulators say was a giant Ponzi scheme. The state says he used money from new investors to pay off old investors and transferred millions of dollars to himself and his companies. Many investors were from the Tampa Bay area, most of them older people attracted by false claims of FDIC insurance. In addition, lenders say Pearlman owes them more than $160-million. About two dozen agents from the FBI, IRS, FDIC and Florida Office of Financial Regulation moved into Pearlman's offices at Church Street Station on Thursday morning and searched his lavish home in the Orlando suburb of Windermere. Financial records were the primary object of their search. "The U.S. Attorney's Office and the FBI are looking into various allegations leveled against Mr. Pearlman and his entities," said Steve Cole, spokesman for the U.S. attorney for the middle district of Florida. He declined to provide details. Pearlman is believed to be out of the country. A reporter for television station WESH said he spoke to Pearlman this week, but Pearlman refused to answer questions about his finances and hung up on him. Three of Pearlman's Trans Continental companies have been in state receivership since Feb. 2. Receiver Jerry McHale said his first task was to copy the computer hard drives to protect the originals from tampering. His lawyers were on hand to meet the agents Thursday morning and McHale is expected to have continued access to the seized records. The search warrant included Pearlman companies outside the receiver's control. McHale said the U.S. Attorney's Office for the Eastern District of New York also is investigating and has subpoenaed records. About half the money invested in Trans Continental came from outside Florida, with the largest amount - 18 percent - from New York. Pearlman, best known for launching the boy bands *NSync and the Backstreet Boys, is from Queens. McHale said the Trans Continental companies are largely worthless shells, with their few assets heavily encumbered. Banks that have mortgages or liens on property have first claim on those assets. Bank of America is foreclosing on Church Street Station, and two operable planes that have been found have bank liens against them McHale said there isn't even enough money left in the companies to keep his investigation going. The banks that lent money to Pearlman and the state may end up financing the receivership. So far, he said, the state has agreed to pay only for a mailing to investors and some minor bills such as changing the locks on the offices. "Investors need to know that regardless of what happens, it's going to take time," McHale said. "From a recovery standpoint, if and when there is any, it will be a year at the earliest." |
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Written by Lou Pearlman Writer
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Tuesday, 23 May 2006 |
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In 1975, Chairman Lou Pearlman began Trans Continental Companies operations with a small helicopter charter service and branched into full service lease/charters of large aircraft for commercial use. The air service operations expanded to include a travel agency that provides a wide array of services to individual and corporate clients. In the early 1990s, Pearlman started an entertainment related branch that includes a record company, a music publishing company, a production company and a state-of-the-art recording studio. After discovering the Backstreet Boys and developing the group into a worldwide music sensation, these companies quickly established a reputation for excellence with follow up acts 'N SYNC, Aaron Carter, LFO, C-Note, O-Town, Natural, Smilez and Southstar and many more. Today, Trans Continental Companies is headquartered in the heart of downtown Orlando, FL at historic Church Street Station. Companies under Trans Contiental include the following. Trans Continental Studios Trans Continental Studios is a state-of-the-art recording facility. Artists who have recorded at Trans Continental Studios include R, Kelly, Alicia Keys, Creed, The Backstreet Boys, 'N Sync, Jordan Kinight, Art Garfunkel, O-Town, Eminem, Dr. Dre and many others. Trans Continental Records Trans Continental Records focuses on discovering and developing recording artists such as Jordan Knight, Brooke Hogan, Sean Van Der Wilt, Jasper Sawyer and many more. Trans Continental Publishing Trans Continental Publishing represents and assists songwriters in the publishing and licensing of their copyrighted material. Trans Continental Management Trans Continental Management provides artist with first class representation and management services to help them with their music careers. Trans Continental Travel Trans Continental Travel is a full service elite travel agency for high class personal and corporate travel and entertainment to anywhere in the world. Trans Continental Productions Trans Continental Productions develops motion picture and TV concepts such as "Longshit - The Movie" and "Marking the Band" starring O-Town, P. Diddy, Da Band and others. Trans Continental Airlines Trans Continental Airlines specializes in aircraft charter/leasing services for elite personal and corporate travelers looking for ultra private first class accomodations.
Talent Rock Talent Rock is a widely admired talent search events, held in a top travel destination, showcase aspiring actors, comedians, dancers, models and vocalists to more than 100 of the world's top professionals in the entertainment industry. In addition to the chance to see and be seen by these industry movers and shakers, the event offers the opportunity to gain important knowledge on many facets of the entertainment world through various industry workshops as well as the possibility of making life-long friends with those who share similar goals and dreams. The event also allows attendees to enjoy special performances by current stars and up-and-coming musical acts.
Exchange Lounge Exchange Lounge is a upscale cocktail lounge featuring a diverse selection of the finest liquors and wines as well as light fare and appetizers. The Exchange Lounge is an inviting mix of historical architecture with modern furniture and unique features such as the plasma screen waterfalls, the immense and ornate cathedral ceiling, and exclusive VIP areas.
Pearl Steakhouse We don't have much information on Lou Pearlman's new steakhouse as of yet because it is not yet open for busniess. As soon as Pearl Steakhouse opens we will have more information for you. |
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Last Updated ( Saturday, 01 September 2007 )
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