If creating audaciously bad music was a crime, Lou Pearlman would already be serving life in prison. As it happens, churning out crappy, pre-packaged teen idols like New Kids on the Block, The Backstreet Boys and O-Town (as your daughters...) isn't yet a crime in the United States.

Running a half-billion dollar investment scam is another story. Despite more that ten years of red flags that should have sent investors running scared and brought authorities knocking on his door, Pearlman managed to keep his investment program, a retirement plan for Trans Continental Airlines, active and afloat.

No longer. The hunt is on for Pearlman's assets and the fund is facing more than 1,400 investor claims.

Labels: investment scam, Lou Pearlman, ponzi scheme