While his boy-band empire crumbled long ago, it's the implosion of Lou Pearlman's other business that has the FBI on his tail.

Lou Pearlman

Pearlman, 53, the mastermind behind the creation and early years of boy bands like 'NSYNC and the Backstreet Boys, is on the lam and wanted on federal charges related to his alleged bilking of more than $317 million from more than 1,000 investors over the years.

Earlier this month, warrant-wielding FBI agents raided the offices of Pearlman's company, Trans Continental Enterprises, in downtown Orlando, Florida, taking control of the offices and Pearlman's palatial estate nearby. Pearlman has not been seen since January, when the agency's lengthy investigation into Trans Continental's business practices kicked into high gear.

In an analysis of court documents, the Orlando Sentinel reported this week that in the final days before the raid, Pearlman and his associates transferred millions of dollars into personal bank accounts, stripped the company of big-screen TVs and crystal vases, and shredded and carted away boxes of papers.

Backstreet Boys

Jerry McHale, a court receiver appointed by Orange County Circuit Court, reported that Pearlman moved $5 million through his personal bank account in the month of December alone, and that another top exec at the company shifted an additional $1.5 million. Pearlman's companies also allegedly quit paying their trash-collection bills for so long, garbage started to pile up.

There are now 16 suits pending against Pearlman, seeking a total of $134 million. His home is up for sale, with an asking price of $12.5 million.