U.S. federal authorities and former boy band manager, Lou Pearlman agreed that Pearlman, must repay $300 million in stolen money to banks and investors on Wednesday.

According to MSN.com, Pearlman defrauded about 1000 people of $195 million in a phony savings program. He also took out $126.7 million in fraudulent loans from federally insured banks and swindled $70 million from people who believed that they were purchasing shares in Pearlman’s company.

Although Pearlman made millions in the nineties, he now has very few assets with which to repay investors and banks.

U.S. District Judge G. Kendall Sharpe said in May that he would reduce Pearlman’s sentence by one month for each $1 million he repayed. So far, Pearlman has not paid any additional money.

He is currently serving a 25-year jail term for fraud.






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