John Woeltz, 37, was arrested for kidnapping a 28-year-old Italian man in a Manhattan apartment, where the victim was held for weeks, beaten, shocked, and threatened with death to force him to reveal his Bitcoin password.

The victim escaped after distracting Woeltz and was later treated for his injuries.

Prosecutors said Woeltz, who had access to a private jet and helicopter, posed a flight risk and was ordered held without bail.

A search of the apartment found cocaine, weapons, body armor, and photos of the victim at gunpoint, the Associated Press has reported.

Woeltz faces kidnapping, assault, and firearms charges.

Written by B.C. Begley