John Stamos will be executive producing a biopic on former *N SYNC manager Lou Pearlman. It is slated to become a major motion picture.
Deadline reports that John Stamos, Desmond Child and Andreas Carlsson now hold the rights to The Hit Charade: Lou Pearlman, Boy Bands, and the Biggest Ponzi Scheme in U.S. History. The film is reportedly now in early development.
According to Billboard, Pearlman had an unorthodox rise in the music industry, which began with owning a blimp business. From there Pearlman rose high in the industry, managing the Backstreet Boys, *NSYNC and O-Town amongst others. The former manager ended up disgraced in the music industry, and was sued by almost every artist he worked with. Pearlman also ran from authorities and ended up sentenced to 25 years in prison for conspiracy charges, money laundering and false statements during a hearing pertaining to bankruptcy.
In addition to the movie, there is also a limited TV series in development entitled Billion Dollar Sound.
Pearlman died in prison at the age of 62 and in the autopsy released it was reported that the former manager died of a heart infection. The infection occurred in the inner lining and happened after he underwent surgery to replace a heart valve. Reports were released by the Miami-Dade Medical Examiner on Tuesday, Aug. 23. It further said that Pearlman had a medical condition that was keeping his heart valve from opening fully.
The former manager had been serving a 25-year sentence for a Ponzi scheme that totaled $300 million through his Trans Continental companies.
