Lou Pearlman, who is often called the "father of boy bands," could face up to 25 years in prison and a $1 million fine for charges of conspiracy, money laundering and making false statements during a bankruptcy proceeding, according to the Associated Press. Pearlman, who essentially created the Backstreet Boys and 'NSync, pleaded guilty Mar. 6 to the federal charges that were the result of a lengthy probe alleging he bilked investors and banks out of more than $300 million.

Pearlman defrauded individual investors in two ways: by selling "stock" for more than 20 years in companies that were essentially without any assets; he also invited outsiders to pay into an employee investment savings program that promised high yields but actually operated like a typical Ponsi scheme; all the money was funneled into one account that Pearlman used to finance other ventures.

In addition to the guilty plea for the federal charges, Pearlman pledged to help prosecutors locate co-conspirators and any remaining assets. Yet he couldn't explain to U.S. District Judge G. Kendall Sharp where the money went. He acknowledged setting up a fake accounting firm to create business documents and tax returns for himself and companies. He also admitted to using the signature of a deceased former associate to push off anyone seeking repayment; the man hadn't worked with Pearlman since 1989 and has been dead since 2003, according to reports.