By the morning of August 12, Ponzi's certificate of deposit at Hanover Trust, which had been worth $1.5 million, was reduced to $1 million after bank officials tapped into it to cover the overdraft. Even if he had been able to convert it into cash, he would have had only $4 million in assets. Amid reports that he was about to be arrested any day, Ponzi surrendered to federal authorities that morning and accepted Pride's figures. He was charged with mail fraud for sending letters to his marks telling them their notes had matured. He was originally released on $25,000 bail and was immediately re-arrested on state charges of larceny, for which he posted an additional $10,000 bond. After the "Post" released the results of the audit, the bail bondsman feared Ponzi might flee the country and withdrew the bail for the federal charges. Attorney General Allen declared that if Ponzi managed to regain his freedom, the state would seek additional charges and seek a bail high enough to ensure Ponzi would stay in custody.