09242017Headline:

Backstreet Boys founder Lou Pearlman dead at 62

Louis Pearlman, the producer and manager who launched the popular boy bands the Backstreet Boys and NSYNC in the 1990s, has died in Florida while serving a prison sentence for a massive Ponzi scheme. He was 62.

Pearlman, who was originally from New York, died at the low-security Federal Correctional Institution in Miami on Friday, the Federal Bureau of Prisons (BOP) reported on Saturday. There was no immediate word on a possible cause of death.

The boy band mogul was sentenced to 25 years in prison in May 2008 after swindling investors and banks out of more than $300 million. Pearlman had led a luxurious life until his decades-long Ponzi scheme collapsed.

In July 2013, a court approved a $10 million disbursement to the victims he swindled, though the amount was virtually nothing compared to the money he took. One victim who lost $260,000 in the scam received just $9,000.

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