Boy Band mogul Lou Pearlman has been sentenced to 25 years in prison after being found guilty of swindling investors and major U.S. banks out of more than 150 million.

Lou Pearlman, who launched the careers of The Backstreet Boys and 'N Sync was involved in an audacious two-decade-long scam with victims of his scheme including people in their 70s and 80s who have lost their life savings."

Pearlman was arrested in June 2007 after fleeing to Indonesia and living under a fake name.

He later unsuccessfully sought to delay his sentencing to allow time to launch his latest creation, European pop band US 5, in the United States and Asia.

His most famous protgs, Justin Timberlake and Nick Carter have remained tight lipped over their old bosses' behaviour.

Pearlman released a short statement saying; "I'm truly sorry to all the people who have been hurt by my actions."