NETeller Update: Lawrence posts bail

NETeller co-founder Stephen Lawrence posted $4 million of his $5 million bail Friday evening after arriving in New York and appearing before a District of Southern New York udge, a U.S. Attorney spokesperson said.

The FBI arrested Lawrence and NETeller co-founder John LeFebvre last Monday on money laundering charges in relation to NETeller's role of transferring funds with the intent to promote illegal gambling. Lawrence's arrest was made in the U.S. Virgin Islands.

Lawrence appeared before U.S Magistrate Douglas F. Eaton Friday in the U.S District Court of the Southern District of New York, U.S. Attorney spokesperson Rebekah Carmichael said.

Other conditions of Lawrence's bail included the suspension of his passport and pre-trial supervision. He must also establish a residence in New York.

Carmichael said Lawrence already paid $4 million for his release including $2.5 million in cash and a residence valued at $1.5 million. The rest of his bail money must be submitted in cash by his trial date.

LeFebvre, who was arrested at his Malibu, Calif. home, posted $5 million bail last Wednesday and is restricted to central California unless traveling to face trial in New York.

Both men are schedule to appear in court on Jan. 26.