COLBERT COUNTY, Ala. (WAA) - Greg Aziz, chairman and CEO of National Steel Car Limited, is out of jail on $1 million bond.

According to The Times Daily, Aziz was released after paying $250,000 cash, with the remainder to be forfeited to the court should he fail to appear in court.

If he fails to appear, he also stands to lose $35 million to $50 million in real estate.

The former owner and CEO of National Alabama railcar plant was arrested last week at Chicago Midway International Airport and charged with 10 counts of securities fraud.

Aziz is accused of organizing a scheme to defraud the Retirement Systems of Alabama of $350 million by knowingly supplying fraudulent information and making false statements in connection with a loan and equity transaction between Aziz and RSA.

Aziz will remain in Lauderdale, Colbert or Lawrence counties on electronic monitoring.

He faces up to 10 years on each count if convicted.

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