Lou Pearlman has more to answer for than creating '90s boy band sensations the Backstreet Boys and NSync.
The music executive has been arrested in Bali after a warrant was made for his arrest. The hit-maker is wanted for bank fraud and has two involuntary bankruptcy suits against him. His assets were liquidated last week.
After the FBI informed Indonesia that Lou was in the area, he was quickly arrested. Officials in Indonesia stated that the businessman is an "undesirable visitor" to the country.
However, once he faced a judge in Guam, Lou claimed that he was unaware of the arrest warrant. He said, "I had no idea there was ever an arrest warrant."
Lou owes millions of dollars to innocent investors who have lost their money. David Smith, an FBI legal attache, told the Guam court, "It's my understanding from the case agent there's over $500 million at the time allegedly defrauded from 200 plus investors."
Despite his claimed ignorance, Lou has been on the run from authorities for months.
Lou will now be moved to Florida.
 |  |  |  |
