Alan Bond appeared before a Manhattan federal court today and was freed after agreeing to pay $1 million bail and to resign from and close his company, Albriond Capital Management. Under the terms of the agreement, Mr. Bond is forbidden from contacting his remaining clients, acting as an investment adviser and trading in securities, and he must allow federal authorities to search Albrionds offices. A U.S. magistrate judge ordered home detention and that Mr. Bond wear an electronic monitoring device.
Mr. Bond has been in custody since last week on new charges that he committed securities and investment advisory fraud through a cherry-picking scheme in which he allegedly directed profitable trades made with client money to his own account while on bail for previous kick-back charges.
Mr. Bond said in a statement made through his lawyer, Ted Wells, that he was grateful to be leaving prison and glad to be returning home. Mr. Bond added he and his legal counsel will explore every avenue with regard to the new charges brought against him and that he will enter a plea of not guilty to the new charges.