Indicted stock trader Mark Valentine was released on bail Monday morning by a Ft. Lauderdale magistrate on condition that he remain in Florida and wear a security tracking bracelet.
Mr. Valentine's lawyers had asked that the 32-year-old be given permission to travel between his Toronto home and South Florida, but a Federal magistrate denied the request at a bail hearing this morning.
See also: Valentine spends weekend behind bars in Miami "I'm not going to allow him to leave the United States," Barry Seltzer, a federal magistrate, told the hearing.
Mr. Valentine, the former chairman of Thomson Kernaghan & Co. Ltd., was released after he posted a $500,000 (U.S.) personal bond, co-signed by his wife and parents' in law. The security for the bond is a luxurious condominum that Mr. Valentine and his wife Stephanie own in the exclusive Key Biscayne community near Miami. In addition to the personal bond, Mr. Valentine also posted a corporate bond for $30,000. Terms of the corporate bond were not immediately available.
Under terms of his release on bail, Mr. Valentine is required to remain at his Key Biscayne condominium between 11 p.m. and 6 a.m. and he must wear a security bracelet so that his movements can be tracked by police.
Mr. Valentine was arrested in Germany last month as part of an FBI undercover investigation in to stock market manipulation and money laundering on Nasdaq's loosely regulated over-the-counter market. Mr. Valentine has been charged with three counts of security fraud.
Caroline Alphonso