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State Takes Over Lou Pearlman's Embattled Orlando Company
POSTED: 6:13 pm EST February 2, 2007
UPDATED: 6:19 pm EST February 2, 2007
ORLANDO, Fla. -- There was a major development, Friday, in the Lou Pearlman investigation.Late Friday afternoon, the state took over Pearlman's Trans Continental companies in downtown Orlando.The Florida Office of Financial Regulation won a temporary injunction to appoint a third party to run the operation.The agency had sued the company for offering an illegal savings program that Action 9 had first exposed. It had left hundreds of investors feeling cheated out of millions of dollars.The court ordered receivership froze company assets as the state investigation continues.
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