LATEST: Troubled boy band svengali LOU PEARLMAN has been indicted by a federal grand jury of bank fraud.
The 53-year-old music mogul, who created Backstreet Boys and 'N Sync, was charged with three counts of bank fraud, and two separate counts of mail and wire fraud, on Wednesday (27Jun07).
A lawsuit filed in Florida alleges Pearlman manage to secure bank loans of $20 million (GBP10 million) using papers from a fictional accounting firm.
Several banks allege Pearlman collectively owes them over $120 million (GBP60 million).
Pearlman's assets have been liquidated in two bankruptcy cases, but he is yet to respond to any court actions.
Pearlman had been on the run for several months before he was arrested by the FBI in Bali, Indonesia earlier this month (Jun07), where he was transferred to the U.S. Pacific territory of Guam, before he was brought to Los Angeles last Sunday (24Jun07).
U.S. Marshal Jimmy Disbrow said on Wednesday they would hope to transfer Pearlman to Florida in the next two weeks.
