$1 million bond set for Backpage.com founder

PHOENIX (AP) -- A judge has set a $1 million bond for a founder of the classified advertising site Backpage.com who has been jailed for the last week on charges of facilitation of prostitution and money laundering.

Magistrate Judge Bridget Bade also on Friday ordered that Michael Lacey wear an electronic monitoring device and provide an accounting of his finances.

Lacey, co-founder James Larkin and five Backpage.com employees were arrested in an alleged scheme to publish prostitution ads.

The site founders and four employees pleaded not guilty.

The hearing came a day after authorities revealed Backpage.com CEO Carl Ferrer pleaded guilty to a federal conspiracy charge and agreed to testify against others.

Ferrer also pleaded guilty to money laundering in California.

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