Kim Dotcom, found of Megaupload, denied bail

Kim Dotcom, founder of Megaupload, has been denied bail by a New Zealand court on Friday, the Associated Press reported.

The Auckland court ruled that Dotcom, also known as Kim Schmitz and Kim Tim Jim Vestor, was at flight risk due to his multiple passports and bank accounts in three different names, Reuters reported. Dotcom, 37, is a German national who also holds a Finnish citizenship and has residency in Hong Kong and New Zealand, GlobalPost reported.

Read more at GlobalPost: Megaupload founder Kim Schmitz, alias 'Kim Dotcom,' in court in New Zealand (VIDEO)

"The judge correctly concluded that the risk of flight cannot be mitigated by the imposition of conditions, including electronic monitoring," said the prosecutor, Anne Toohey, Reuters reported.

Dotcom told the court he had no plans to leave New Zealand and only wants to fight to get back his money, which was seized by authorities last month, the AP reported. He’ll remain in custody until Feb. 22, when he has a hearing on an extradition application by the United States. He also complained during the hearing that he was receiving unwanted letters from female prisoners and a phone call from a man posing as a prosecutor, the AP reported.

Megaupload was shut down on Jan. 19 by federal prosecutors for violating piracy laws and allowing millions of illegal downloads. Dotcom and six other executives were arrested and indicted on charges of “racketeering conspiracy and conspiring to commit copyright infringement.” They could each receive as much as 55 years in prison. Dotcom and his coworkers netted $175 million since 2005 from copying and distributing music and movies illegally.

Read more at GlobalPost: Megaupload users get two-week extension, dedicated Megaretrieval site to recover data

Sign up for our daily newsletter

Sign up for The Top of the World, delivered to your inbox every weekday morning.