Liberty Reserve founder faces court appearance

Staff Writer
Columbus CEO

NEW YORK (AP) — A man accused of creating an online, underworld bank that helped launder $6 billion for drug dealers and other criminals faces his first court appearance in New York.

Arthur Budovsky is scheduled to appear in federal court in Manhattan on Tuesday afternoon. He was extradited from Spain to the U.S. on Friday. The 40-year-old Costa Rican citizen founded currency transfer and payment processing company Liberty Reserve.

Budovsky was arrested in Spain on May 23 and held to face an indictment against him and others.

U.S. officials accuse Budovsky of using Liberty Reserve as a kind of underworld bank that handled about $6 billion worth of illicit transactions.

Budvosky has said he created a secure platform for online financial transactions and Liberty Reserve cooperated with investigators.