Alan Bond, the president and chief investment officer of Albriond Capital Management was freed after posting a $1 million personal recognizance bond. The court ordered home detention and instructed Bond to wear an electronic monitoring device.
In addition, Bond was required to resign from Albriond Capital Management and was barred from contacting Albriond’s clients, acting as an investment adviser and trading in securities. He was also ordered to allow authorities to conduct a further search of the firm’s offices.
Bond’s attorney asked the court to appoint a public defender for the case because the Securities and Exchange Commission has frozen Bond’s assets.
Bond’s arrest followed a federal complaint charging that he conducted a scheme that directed virtually all of his profitable stock trades to his own accounts and most of his unprofitable ones to the accounts of three clients.
He was charged with six counts of securities fraud and three counts of investment advisory fraud and could face a maximum sentence of 10 years on each of the securities fraud charges and five years on each of the investment advisory fraud charges.
Incredibly, Bond allegedly undertook the scheme while out of jail on a $1 million personal recognizance bond from trading charges levied against him in 1999 for allegedly taking more than $7 million in kickbacks from brokerage firms. That trial was scheduled for November.
Bond was also charged with tax evasion.