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.