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by Mike Caswell

Alexander Milrud, a Canadian man facing criminal fraud charges in the United States for a multimillion-dollar manipulation scheme, has secured his release from jail. A New Jersey judge has allowed him out of custody on a $750,000 appearance bond, secured by four properties. (All figures are in U.S. dollars.) He must live under 24-hour home detention, with his bond conditions including restrictions on trading and having access to Internet-connected devices.

Mr. Milrud has been in custody since Jan. 13, 2015, when FBI agents arrested him in Florida over what prosecutors called a "layering" operation. They said that he employed a group of offshore traders who entered false buy and sell orders to influence the price of a stock. Mr. Milrud allegedly told a broker that he was able to generate $1-million every month from this activity, profiting from small price differences.

The judge set the conditions of Mr. Milrud's release during an initial court appearance held on Wednesday, Feb. 11. In addition to the $750,000 bond order, the judge imposed several restrictions on Mr. Milrud, which he must abide by until his trial. Among other things, he must live at a designated residence in Florida and will be restricted to that residence with few exceptions. The judge also prohibited any trading, either personally or through any third party. In addition, any computers or Internet-connected devices in his house must be password protected and must be available for inspection without notice at any time. He must also surrender his passport. The conditions will remain in effect until further order of court or until Mr. Milrud goes on trial.

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