ORANGE COUNTY, Fla. -- Accused con-man Lou Pearlman will finalize a plea agreement in federal court Thursday morning. Pearlman has promised to plead guilty to fraud and help federal investigators recover the money they say he stole from investors.

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VIDEO: Accused Con-Man Lou Pearlman To Help Investigators Recover Money

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Investors said they don't expect to get much money back, even though Pearlman promised to help find his assets. Some say there just may not be any assets left to find because Pearlman was living the high life.

Lou Pearlman faces a maximum of 25 years in prison. As part of his plea deal, Pearlman agreed to pay back more than 1,300 victims a total of more than $300 million and the government wants and additional $200 million.

An attorney who represents more than 100 private investors that Pearlman owes money to doesn't expect to see any of that money, either. So a lawsuit has been filed to go after others they believe played a role in Pearlman's troubles.

"Banks, retirement plan trustees, the state of Florida," the attorney said as he listed the others that may be involved in the lawsuit.

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

So far only $2.7 million has been recovered for victims through auctions. But the banks get the first $100 million of any money recovered.

Pearlman also has to pass a polygraph test and answer questions about where his money is before his sentencing. And federal investigators want Pearlman to help them go after others.

If Pearlman fails the lie detector, all deals are off.