Trans Continental in chaos during last days

Trans Continental Airlines receiver Jerry McHale has filed his first report  about the state of Trans Continental. If you are interested in this case, you definitely will want to read it. Here are some highlights:

In December and January, when they knew the end was near, Lou Pearlman and Trans Continental employees carted off documents and valuables, including crystal vases, plasma TVs and furniture. Some were returned in response to demands by the receiver. Pearlman sold off his interest in various entites, such as the Rocks jewelry store and Pearl Restaurant in Orlando and luxury condos and apartments in New York City as well as some of his cars.

Although Pearlman created more than 100 companies, they were all run as one enterprise, with money flowing from one to another and Pearlman in charge.

Orlando Sentinel story.

Plans for Church Street Station auction

Comments

[wayne]

my sympathy to each of you whom may have lost so much. it's a shame that people such as pearlman do what they do, and can be so "slick" as to default and resurface again, in yet another scam. hopefully for your sakes this will be the end of the rope for 'big lou'. i work with airships (blimps)that pearlman once had involvement in. eventhough airship international 'was history' 5 or 6 years before my employment with another company using the same type of blimp, to this day stories still make the rounds of plans of this and that that pearlman said he'd do, only to have nothing happen at all. when pearlman is hopefully caught, the unfortunate thing is that there will be another scam artist waiting "in the wings", so to speak, to take his place. best wishes to you all, again my sympathy to you, and hopefully you can at minimum recoup something. good luck.

If Pearlman isn't facing his own music before Easter rolls around, we can all pretty much be assured he's being protected-why would be the question, and that's when we march in Talahassee.

Department of Financial Services had complaints in the 90s and early 00s. That is the branch that is charged with investment scams. Was that Gallagher and who else. Bill Nelson? anyone know? Didn't Pearlman manage or promote Bill Nelson's daughter Nan with her country music career?

[anonymous]

Kenneth

Fully agree. We have to wait until he is indicted, then arrested in public with hundreds of media cameras taping the arrest, convicted as a result of a long public trial that would be televised to the whole world, and then sentenced to the minimum 25 years in jail that he will be getting, minimum.

In the meantime, he should be allowed to face each of the 1,800 defrauded investors one by one (some of whom have lost millions of dollars and some of whom have lost their life savings), for one hour in a room with no windows. Each of the 1,800 investors would be allowed to bring 2 of their male relatives to the one hour face to face sessions.

There you go, as you stated, Lou Pearlman is innocent until proven guilty.

[Kennneth]

Why don’t we lynch him? This country’s justice system was built on it is better to let 100 guilty people go free than to wrongly incarcerate 1 innocent person. Obviously that is now a joke as dozens of innocent people sit on death row.

Lou is innocent until proven guilty and thus free to do as he wishes. I am not commenting on whether or not he committed these crimes as I am inclined to believe he is and I am also a victim of Lou, but I don’t through my principles out the window when I am a victim of a crime.

In many countries such as Iran or China, he would have been jailed and maybe hung by now. There they have no human rights. Apparently the people on this board believe we should just forgo the investigation, forgo the trial and just toss him in Jail.

You guys are living in the wrong country.

Pearlman never should have been allowed to leave the country.

[whoknows]

If they have a plan I don't think it focuses on getting people their money back, just good press bought and paid for by the investors.

I think they have no plan.

[anonymous]

It all seems rather obvious now why Lou Pearlman was allowed to leave the country this January.

"...If you want to find the pot of stolen gold, follow the fat pig, he will lead you to it (or something like that)..."

With all the signs of this massive fraud being uncovered way before his departure to Europe, I don't think that the US Government would have let Pearlman leave the country without a "plan"...and that would be to maximize the recovery of the stolen funds.

Why has Pearlman not been apprenhended? Why was Pearlman allowed to leave the country? Wasn't it obvious that he had committed massive fraud and was a possible security risk?

[John of Clearwater]

Helen---what is so absurd in this whole scheme of Pearlman's is that every local,state and federal agency that came into contact in any way with Pearlman and his 100 companies(mostly acting as and thru one company) over the last 18 years, failed the system by not following through on obvious financial and ethical questions with RED FLAGS flying everwhere.How can false financial reports and tax records not have been scrutinized by every taxing authority that purported to over-see Pearlman's and Trans-Continental's operation and records,while the average little business guy couldn't get by with this type of fraud for over a year or two?For 2 years from 2002-2004 the State of Florida thru the Crist Attorney General's Office had pinpointed Pearlman and his talent agency as possible scammers of thousands and millions of dollars from innocent applicants for his Public Relation promises, only to decide there was no wrongdoing!!!!!In 2 years and some 2000 hours of investigation, how did the Attorney General's Office miss all of the other closely related schemes and crimes being committed simultaneously thru his other related companies during this ongoing investigation? If Pearlman and his gang were under civil and criminal law-breaking suspicion,at least for the past few years,how was he able to operate openly with the false and non-existent FDIC INSURED SAVINGS PROGRAM thru his advertising,brochures and numerous sales agents? This is almost like selling drugs on the open market with no fear of reprisal. And since Big Lou was not only busy selling us,his investors out,but also all of his various holdings--including real estate--in order to flee to Europe or wherever with our money,where o where were the local,state and federal agencies that were created for the very purpose of protecting their citizens from the onslaught of corruption and evil??? and for our personal preservation of our worldly goods?

Pearlman is a fugitive. Capture him.

All efforts should now be concentrated to find and bring Lou Pearlman to justice.

[Ben]

Helen,

Why doesnt the State of Florida have a Grand Jury investigatin with an inditment on Lou Pearlman yet? What does it take to get Lou Indited. If he would have run off without paying for his lunch, they would have arrested him. Here he runs off with half a billion dollars and he is a free man. Don't understand that at all