Steve Bannon appeared in court via video after being arrested at about 7:15 am on a yacht off the coast of Connecticut, it was said in court.
Bannon is accused of using money from his anti-immigrant group “We Build the Wall” on personal expenses.
He was brought to New York City several hours later.
Bannon’s lawyer entered a not guilty plea for the fraud charges he is facing.
Steve Bannon will be released on a $5 million bond, backed by $1.75 million in cash or real estate.
The former senior Trump adviser has until 3 September to get this collateral together.
Market implications
The arrest of Bannon is happening in the lead-up to the November 3 US presidential election and it is not a good look for the Trump campaign.
The stock markets do not reward uncertainty when it comes to presidential elections.
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