A man accused of being the mastermind behind a $144 million securities and mortgage fraud scheme had his bail lowered from $144 million to $5 million. After a bail reduction hearing, Richard Fields, a Riverside Superior Court judge reduced James Duncan's bail however, he did say he wants a hearing if Duncan can post the bail and where the money came from.

Duncan and several other co-defendants are accused of bilking hundreds of investors out of $17 million and causing over 200 homes to go into foreclosure. Investors are from Arizona and California.