BREAKING NEWS

Lou Pearlman Cops a Plea, Speaks Out

Oct. 27 2008, Published 7:07 a.m. ET

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BOY, OH BOY Pearlman (Photo: Getty Images) Lou Pearlman, the now jailed, corpulent hustler behind *NSYNC and Backstreet Boys, has cut a deal with federal prosecutors and confirms to Radar exclusively his role in one of the largest, longest running Ponzi schemes in U.S. history.

Writing in the third-person style he's frequently adopted for his homespun press releases about his various blimp, plane, and pop operations over the years, Pearlman tells us, "As chairman of Trans Continental Airlines Inc. and Trans Continental Airlines Travel Services Inc., the only two Pearlman companies involved, Pearlman takes on full responsibility for questionable corporate activities that had occurred."

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UPDATE: Check a stunning five-minute video featuring Lou's $250k Rolex, his jet, limo, boomin' system, and largess here

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