AP — A co-founder of the classified advertising site Backpage.com who has been jailed for the last 10 days on charges of facilitating prostitution was released on a $1 million bond Monday as he awaits trial.

At a brief hearing at a federal courthouse in Phoenix, James Larkin was ordered by Magistrate Judge John Boyle to put up two properties as surety on the bond.

Larkin also was ordered to wear an electronic monitoring device.

Larkin, co-founder Michael Lacey and five Backpage.com employees were arrested earlier this month on federal charges.

Larkin was the last of the seven to be released from custody. Lacey was released on Friday after posting a $1 million bond.

An indictment alleges Backpage.com ignored warnings to stop running advertisements promoting prostitution, sometimes involving children, because the site has brought in $500 million on prostitution-related revenues since its inception in 2004.

Authorities say Backpage.com portrays itself as trying to prevent such ads, but investigators have determined the site’s operators have declined to confront the problem.

Employees are accused of helping customers edit their ads to say within legal limits while still encouraging commercial sex.

The indictment alleges Backpage.com started to launder money earned from ad sales a few years ago after banks raised concerns that they were being used for illegal purposes.

Read more:

Alleged mastermind behind EUR 1 billion cyber and laundering scam arrested

UK: Gang laundered cash from fraud victims through bank accounts

What is VAT fraud, and why is the eu worried? – Q & A

VIEW THE FULL ARTICLE