Auckland - UPI
The founder of file-sharing Web site Megaupload, accused of online piracy, has been denied bail by a New Zealand court as U.S. authorities seek his extradition. Kim Dotcom, also known as Kim Schmitz, was arrested with three associates in Auckland Jan. 20 by New Zealand authorities at the request of the FBI. Judge David McNaughton said Dotcom, a German national, posed a flight risk and remanded him in custody until 22 February, when U.S. authorities\' application for extradition will be heard, the BBC reported Wednesday. In arguing against bail, prosecutors cited his multiple passports, financial resources and previous criminal convictions for hacking and insider trading. U.S. authorities have charged that Megaupload facilitated millions of illegal downloads of films, music and other content, costing copyright holders at least $500 million in lost revenue and allegedly making $175 million in \"criminal proceeds.\" Police arresting Dotcom seized assets worth $50 million, including guns, artwork, luxury cars and $8 million in cash, Sky News reported.