Lou Pearlman has changed his mind and will plead guilty to fraud federal banks out of hundreds of millions of dollars.

Pearlman, who is most famous for managing NSYNC and the Backstreet boys, originally pleaded not guilty to scamming banks out of $100 million and investors out of $300 million.

One of Lou's lawyers also said he will help feds recover some of the money. Would you trust a man that looks like this?!

Pearlman also still owes the Backstreet Boys $4 million, but that seems like pocket chnage compared to this.