The American who has been accused of being involved in several fraudulent land deals worth $1 billion was granted bail when he appeared in court on Tuesday.

Samuel Speranza of Medgoal Palm in California was granted $1 million bail to return to the Corporate Area Resident Magistrate's Court on February 1, for trial.

The 69-year-old was granted bail on condition that he surrender his travel documents and report to the Runaway Bay Police Station on Mondays. A stop order has also been placed on him.

Allegations are that on June 6, 2009, the Speranza conspired with his attorney to forge the signature of another individual.

This reportedly resulted in the National Land Agency transferring three properties in St Ann's Bay, St Ann to two companies owned by the American and his attorney.

The properties are valued at approximately $1 billion.

Both men were arrested after a probe was carried out by the Organised Crime Investigation Division.

It is understood that the attorney was charged in March 2010 with the same offences.