ORLANDO, Fla. -- The government wants a half-billion dollars from accused conman Lou Pearlman. The former boy band promoter's plea deal was filed Tuesday afternoon in federal court.

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READ: Pearlman Case 47-Page Plea Agreement (PDF file)
VIDEO: Government Wants $500 Million From Pearlman

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Pearlman is accused of stealing hundreds of millions of dollars from banks and private investors, but getting that money back may be a problem. In fact, there's little chance any of the investors will see their money again.

The plea agreement with prosecutors promises to put the squeeze on Pearlman to get every penny from him. Twenty-five years in federal prison is the maximum sentence Pearlman could face and, in his plea agreement made public Tuesday, the government says it will recommend a substantial sentence.

Pearlman has agreed to fully pay back all victims, more than 1,300 of them and more than $300 million and then pay $200 million to the government on top of that. But some victims sadly believe he's made empty promises.

One lawyer representing more than 100 private investors doesn't expect to get any money from Pearlman. He's going after the others they believe are to blame.

"Banks, retirement plan trustees, the state of Florida," explained attorney James Lowy.

Their lawsuit blames the banks for loaning him money and mishandling his accounts. Bank of America alone loaned Pearlman or his companies more than $50 million.

"We believe he's hiding money in Germany and the Caymans," Lowy said.

Pearlman now has to come clean on where his money is and his answers have to pass a polygraph before his sentencing. If he fails, he'll lose any breaks he's gotten.

So far, only $2.7 million has been recovered for victims and the banks get their $100 million first.

If Pearlman spent some of the millions on expensive gifts like cars, the only way the government could seize them is if prosecutors can prove the people who got the gifts knew they were bought with dirty money.

Pearlman also agreed to help prosecutors go after others and the agreement mentions how someone helped him exaggerate his debts by millions in bankruptcy court so that he appeared to bankrupt.

One victim from Leesburg told Eyewitness News on Tuesday she doesn't think the agreement is worth a hill of beans if it can't guarantee that she gets her money back. Another victim from Gotha agreed, calling Pearlman a pathological liar.

So far, bankruptcy court has sold off $2.7 million in assets belonging to Pearlman. This weekend, they plan to auction his Windermere mansion for at least another $5 million. But that's almost nothing in comparison to the $500 million he now owes.