FBI Investigates Boy-Band Architect

ORLANDO, Fla. -- Federal agents searched the home and office of boy-band impresario Lou Pearlman on Thursday amid mounting legal troubles for the man behind the Backstreet Boys and 'N Sync.

FBI agents and other law enforcement investigators spent hours on Thursday carrying boxes away from Pearlman's offices in Orlando.

The FBI referred questions to the U.S. Attorney's office, which declined in a statement to discuss the reason for the search.

"Other than confirming the existence of an investigation, we are not in a position to comment further at this time. Today's searches are part of this investigation," the statement read.

Pearlman, a New York native who moved to Orlando in 1990, conjured multi-platinum success by piecing together boy bands in the 90s. He claims to have made nearly $2 billion in retail music sales, and also owns a restaurant franchise, a new steakhouse and a dining and entertainment complex in downtown Orlando.

Agents executed Thursday's search warrants less than two weeks after a state court-appointed receiver took control of three of Pearlman's companies.

A judge issued that order after Florida's Office of Financial Regulation alleged that Pearlman has sold unregistered securities through a bogus savings program for 15 years.

The state accuses Pearlman of promising to put people's money in insured bank accounts earning better-than-average dividends, then transferring those funds to himself and his companies. He allegedly collected over $95 million from more than 1,000 investors.

Pearlman also faces four lawsuits from banks alleging past-due loans of $14 million and overdue loan guarantees of $49 million, according to the Office of Financial Regulation complaint.

Also on Thursday, Pearlman's attorneys filed a court motion to withdraw their representation in the state case.

A former Pearlman spokeswoman said Thursday that she has not worked for him since last month and could not comment. Pearlman did not immediately return a message to The Associated Press and he could not be reached by e-mail because his inbox was over capacity.

Stephen LaFreniere, the head of an Orlando real estate brokerage who said he was hired to manage Pearlman's complex, said he has been unable to pay its electric and garbage bills for three or four months.