A judge on Monday ruled that 28-year-old Cleber Rene Rizerio Rocha is a flight risk and held him on a charge of conspiring to commit money laundering.
Rocha was arrested this month when the money was discovered in a Westborough apartment.
Prosecutors say Rocha was part of a scheme to transfer millions of dollars to Brazil by laundering the cash through Hong Kong. The money was from TelexFree, a defunct internet phone company authorities say was a massive pyramid scheme.
The Boston Herald reports that Rocha's lawyer argued that his client had no criminal record and should be granted bail with GPS monitoring.