Carl Ferrer, CEO and co-founder of classified advertising site Backpage.com, has pleaded guilty to money laundering and facilitating prostitution. Ferrer’s plea deal requires him to take “all steps within his power” to permanently shut down Backpage, to forfeit all the company’s assets and property, to testify that Backpage laundered money and encouraged prostitution-related ads, and to plead guilty to state-level charges in Texas and California. This deal is separate from the case against Backpage co-founders Michael Lacey and James Larkin, who — along with five other employees — were arrested last week and charged with similar crimes.

Ferrer was charged and pleaded guilty on April 5th, the day before Backpage was seized and suspended…

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