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by Mike Caswell

Brian Robert Sodi, the Florida stock tout known as the "Mailman," has won a legal battle over the ankle bracelet that he has been wearing since his arrest on fraud charges. Alabama Judge Herman Johnson has ordered the removal of the bracelet, which had provided the government with Mr. Sodi's location. In its place, the judge has allowed Mr. Sodi to pledge a $1-million property as assurance that he will appear in court. (All figures are in U.S. dollars.)

The order comes as part of a case in which prosecutors claim that Mr. Sodi and a yet-to-be-identified Canadian boosted two OTC Markets companies with misleading mass mail campaigns. According to the government, the mailers failed to disclose that Mr. Sodi was part of a group that controlled nearly all of the shares of the companies. During the scheme, Mr. Sodi unloaded hundreds of thousands of shares while sending out overly promotional material, the government claims.

After his arrest on March 8, 2018, Mr. Sodi had been subject to what is called geolocation monitoring. This involves a bracelet on his ankle that reports his position to authorities. His other conditions of release restrict his travel. Should he violate those conditions, the government would receive a timely notification through the bracelet.

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