Backstreet Boys promoter jailed, indicted
Lou Pearlman, music mogul behind N'Sync being held by FBI in Guam, charged with bank fraud.
NEW YORK (CNN) -- Lou Pearlman, the music mogul behind such boy bands as the Backstreet Boys and N'Sync, is being held by the FBI in Guam after he was charged with bank fraud.
He was arrested Tuesday on the island of Bali in Indonesia, turned over to the FBI, and taken to Guam, where he is awaiting an initial court appearance.
The charge - in a sealed indictment on one count of bank fraud - comes amid several state and federal investigations into Pearlman's businesses based in Orlando, Fla.
Steve Cole with the U.S. attorney's office for Florida's Middle District said that after the appearance in Guam, Pearlman will be brought back to Orlando. He said that could take "days or weeks."
Authorities will ask that Pearlman be held because he is considered "a flight risk," Cole said.
Days ago, Pearlman's estate in Orlando was auctioned off, the result of involuntary bankruptcy proceedings against him and one of his companies, Trans Continental Airlines. The auction at Pearlman's headquarters on Church Street netted more than $200,000 and included everything from Backstreet Boys memorabilia to filing cabinets.