U.S. judge set a $5 million bond, house detention and other conditions of bail on Wednesday for accused Florida hedge fund manager Arthur Nadel, who authorities say was on the run for two weeks in January before the FBI arrested him.

Nadel's lawyer indicated his client will not be able to meet the conditions set by Judge Denise Cote at a hearing in U.S. District Court in Manhattan.

A Florida judge denied 76-year-old Nadel bail in early February, saying he was a flight risk. He was sent to jail in New York, where he was charged with securities fraud and wire fraud because he traded through a brokerage in the city.Cote also said the government had shown Nadel was a flight risk and she noted that tens of millions of dollars were still unaccounted for in the case. His lawyers said he is willing to cooperate with the U.S. Securities and Exchange Commission and a receiver appointed to wind down his firm, to find his assets.Investigators allege Sarasota, Florida-based Nadel told investors the funds he managed held more than $300 million when they had less than $1 million. Nadel is a well known philanthropist in his home state who headed two general partnerships he created, Scoop Management and Scoop Capital. He controlled six investment funds.For Nadel to be released on bail, the judge said a personal recognizance bond of $5 million should be secured with $1 million in cash and co-signed by four people. Nadel would be confined to his home and must forfeit all private and business property with the agreement of any co-owners, the judge said."I don't think he has a million dollars," Nadel's lawyer Todd Foster said after the hearing. "We can come back and ask for an adjustment when the money issues are settled and the accounting is performed."The case has been compared to those of high-profile accused New York swindlers Bernard Madoff, an investment manager, and lawyer Marc Dreier, both of whom were released on $10 million bail and are under house arrest and electronic surveillance.Authorities have said Nadel went on the run for two weeks in January to five cities. At a hearing on Feb. 13, one of Nadel's lawyers disputed the government's assertion, saying Nadel was emotionally distraught.On Wednesday, the judge said that Nadel, if convicted on the charges of securities fraud, faced the equivalent of a life sentence given his age.She said Nadel, facing demands from his partners for an audit of his hedge funds "ran in the full expectation that when the fraud was uncovered he would face prosecution."