Raffaello Follieri and Anne Hathaway
Splash News Online
06/24/2008 AT 07:25 PM EDT
's ex-boyfriend Raffaello Follieri appeared in federal court Tuesday in New York on a dozen counts of wire fraud conspiracy and money laundering.
Dressed down in jeans, a royal blue sweater over a white collared shirt and disheveled hair – a far cry from his usual dapper look in crisp Italian suits – Follieri, 29, was placed under home detention until he could post a staggering $21 million bail.
The Italian businessman appeared angry as prosecutors argued he had allegedly spent hundreds of thousands of dollars obtained from investors to live a lavish lifestyle. He constantly shook his head no, chuckled and made faces.
At one point he even spoke out, saying, "We paid that," when the prosecutor said he owed American Express $500,000.
The prosecution argued Follieri was a "con man" and a "high potential risk of flight," who would flee the country and had the financial means to do so. The prosecutor said that Follieri is not a U.S. citizen and should be deported.
The prosecutor also said Follieri tested positive for opiates from a urine sample earlier Tuesday morning. Follieri was arrested
at Trump Tower at 6 a.m.
Of the $21 million in bail set by the judge, $16 million would have to be paid in cash or by liquid assets and properties and the remaining $5 million from co-signers.
His lawyer, Flora Edwards, told reporters, "This is one the stiffest bail packages I have ever seen. We are going to do everything we can to meet it."
The judge placed Follieri under home detention with an electronic monitoring device. Follieri may only leave his apartment for legal, medical or religious reasons.
"He's under a tremendous amount of stress, but he is a very brave young man and he's ready to go forward," Edwards said.
A status hearing was set for July 9.
Hathaway, 25, and Follieri dated for four years. They broke up
earlier this month.