Prosecutors nix bail deal in fraud case over $70,000 watch

NEW YORK (AP) — Federal prosecutors demanded an extra $2.5 million in bail on Friday for a Harvard University-educated businessman extradited from Colombia on fraud charges after they discovered he was wearing a $70,000 watch.

Tuzman, a former Goldman Sachs analyst, pleaded not guilty on Friday to an indictment charging him with misleading investors and regulators as chairman and CEO of technology startup KIT digital.

Williams said a closer look at Tuzman's credit card charges revealed "lavish spending habits" that included tens of thousands of dollars on furs, jewelry and cars, including $110,000 on jewelry in one week.

Since his arrest 10 months ago, Tuzman's "life has been destroyed," Weitzman said.