Bail reduced for alleged 'Millionaire Madam'

NEW YORK (WABC) -- Bail has been reduced for the alleged Millionaire Madam.

The court ruled that a judge's decision to jail Anna Gristina on $2 million bond was "unreasonable and an abuse of discretion." It agreed to lower the amount to $250,000.

Gristina also has to surrender any and all passports and arrange for an electronic monitoring device when she's released.

Gristina's attorney said his client hopes to raise the funds soon enough to be released by next week. She's been behind bars since her February arrest on charges of promoting prostitution.

The Manhattan district attorney's office declined to comment on Tuesday.

Prosecutors say Gristina peddled prostitutes for 15 years and boasted that she had law-enforcement contacts. Her lawyers have said she was merely starting a matchmaking business.

She has pleaded not guilty.

In their decision, the justices noted that despite the notoriety of the case, it is a story that's made international headlines. Gristina is charged with a nonviolent felony for one count of promoting prostitution and she has no criminal record. The justices also pointed out she's lived in Orange County for years and is married with four children, including a nine-year-old.

Gristina's attorney issued this statement: "We are working now to raise money to post Anna's bond. I know that Kelvin and Nick are anxious to have her home. We're relieved, but not yet where we want to be."

(The Associated Press contributed to this report)

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