Toronto man accused in Ryan Wedding case denied bail

Rolan Sokolovski is shown in this undated handout photo. THE CANADIAN PRESS/Handout - U.S. Department of the Treasury (HO)

TORONTO — An Ontario man accused of laundering hundreds of millions of dollars in assets for an international drug smuggling ring allegedly led by former Olympian Ryan Wedding has been denied bail.

Rolan Sokolovski sought to be released ahead of a hearing that will determine whether he’ll be extradited to the United States, where he faces charges over his alleged role in the organization.

Sokolovski’s legal team proposed to have him live with three of his sureties if released on bail and be placed on house arrest with round-the-clock GPS monitoring, among other conditions.

Prosecutors opposed his release, however, arguing Sokolovski posed a flight risk and his detention was necessary to protect the public and confidence in the justice system.

Ontario Superior Court Justice Peter Bawden said the onus rested with Sokolovski to show he did not present a flight risk, and he didn’t present persuasive evidence that he does not have access to the large sums known to have passed through his cryptocurrency accounts in recent years.

“It’s likely that he continues to have access to substantial undisclosed assets,” Bawden said.

“The likelihood that these assets are held in cryptocurrency heightens the concern as such funds can be accessed from any location in the world and readily transferred to assist in flight.”

Bawden said Sokolovski has ties to Canada, but they are not so strong as to stop him from considering an escape.

“He has no children, is not married and remains a relatively young man,” Bawden said.

“Confronted with the possibility of a lengthy term of imprisonment in the United States, it is not unreasonable to conclude that he may be willing to begin a new life in another jurisdiction if able to do so. It is also reasonably possible that he could go underground in Canada and wait for an opportunity to escape.”

Sokolovski is alleged to have played a key role in the criminal enterprise by laundering drug money through his jewelry business and procuring luxury items for Wedding.

The U.S. Department of Justice alleges in a December letter that he served as a “de facto bank” for the group and has “tens if not hundreds of millions of dollars’ worth of cryptocurrency and physical assets at his disposal.”

Wedding, a former Olympic snowboarder who came to allegedly sit at the top of an international drug empire, was arrested in Mexico last month after a lengthy investigation involving law enforcement in several jurisdictions and brought to the United States to face multiple charges.

He is alleged to have ordered the murders of several people, including a witness who could testify against him in a 2024 narcotics case.

The search intensified last year after U.S. officials placed Wedding on the FBI’s Top 10 most-wanted list and put up a $15-million reward for information leading to his capture.