A hearing is scheduled Wednesday over whether a founder of the classified advertising site Backpage.com should be released from jail on charges of money laundering and facilitating prostitution.

[RELATED: Backpage creators indicted on prostitution and money laundering charges]

Prosecutors say Michael Lacey should have to post bail and detail his financial holdings if he wants to be released from jail.

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[RELATED: Prosecutors seek bail, other conditions in Backpage case]

They say the prospect of the 69-year-old Lacey, who has earned millions from the site, spending the rest of his life in prison creates an incentive to flee from authorities.

Lacey's lawyers say their client isn't at risk of fleeing.

[RELATED: Backpage.com shut down by FBI]

Authorities allege Backpage.com ignored warnings to stop running advertisements promoting prostitution because they brought in half a billion dollars.

[RELATED: Backpage.com made $500M from prostitution-related ads]

Lacey has pleaded not guilty to the charges.

A similar hearing is scheduled Thursday for Backpage.com founder James Larkin.

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