Court papers in Florida say that an aid to convicted Ponzi scheme operator Lou Pearlman, has waived his trial on conspiracy and income tax invasion charges.

The Orlando (Fla.) Sentinel reported on Wednesday that Robert Fischetti, managed investor information and mailed out fraudulent account statements connected to a scheme that defrauded 1,500 investors of about $200 million.

It was also reported that Pearlman, the former manager of the Backstreet Boys singing group and 'N Sync, was sentenced to 25 years in prison in 2008 for operating the scam that hinged on investments in a Trans Continental Airlines Employee Investment Savings Account.

The newspaper further said that Fischetti's plea agreement says the investment was completely fraudulent. Fischetti is expected to plead guilty July 1. (With inputs from Agencies)