Lance Bass tweeted: "Word is that #LouPearlman has passed away. He might not have been a stand up businessman, but I wouldn't be doing what I love today w/out his influence. RIP Lou (sic).
Former O-Town singer Ashley Parker Angel tweeted: "Love him or hate him, Lou gave many of us our start. It's a shame he let greed get in his way. #RIP #LouPearlman (sic)."
Aaron Carter added: "#LouPearlman my old manager died in prison... Rip Lou not the best business guy really at all but he did discover me karma is real (sic)."
In 2000, Backstreet Boys filed a lawsuit against Pearlman, alleging that he had made millions while they were paid just $300,000, with both *NSYNC and solo artist Aaron later filing similar suits.
However, it was in 2006 that things came crashing down for Pearlman, when he was accused of being behind one of the biggest Ponzi schemes in US history, in which up to 1,700 investors were defrauded out of $300 million.
He fled to Indonesia but was captured by authorities in 2007 and convicted the following year after pleading guilty to charges of money laundering, conspiracy and fraud.
Pearlman was sentenced to 25 years in prison, with the condition that one month would be taken off his sentence for every million he paid back.
PEOPLE reports, he never paid any of the money.
He suffered a stroke in 2010 and has suffered ill-health since then.