Felix Lyle

Felix Lyle ... not a flight risk. Photo: James Brickwood

The bail of a Hells Angel bikie boss has been slashed but he still hasn't found someone to front the money.

Felix Lyle, 54, the president of the Sydney chapter of the Hells Angels, appeared in Sydney's Central Local Court today via audio-visual link from jail.

He has been in custody for three weeks after being charged with fraud offences involving $2.3 million.

Lyle was granted conditional bail on July 22 but has been unable to find an acceptable person to provide the $100,000 cash surety bond for his release.

Today, his solicitor Martin Ricci successfully applied to have the amount reduced to $20,000 but has not identified anyone to front the money.

"The supporters are working on that frantically at the moment so he's still in custody," Mr Ricci said after the court proceedings.

"I've spoken to a number of potentials who said `if you get it down to about 20 (thousand) we can manage it'.

"I don't think it's going to happen today."

Mr Ricci said Lyle was "thrilled" at the outcome but reiterated that whomever provides the bond will face their own police investigation.

"I spoke to the detective afterwards and he said `definitely'," Mr Ricci said.

"I presume that as soon as he finds out who the person is he will then run his own checks on him.

"I've told my client to do this completely squeaky clean because it's just stupid to do anything else."

Whomever posts Lyle's bail must not have a criminal record or have been a bankrupt and must not have provided bail in an continuing criminal matter.

Mr Ricci said he argued before Magistrate Lee Gilmore that the $100,000 was an arbitrary figure and police had stated in their investigation that Lyle was not a flight risk.

"And I pointed out that he surrendered himself after being contacted by police," he said.

Lyle was one of 18 people to be arrested since Strike Force Apia started up in 2007, relating to an alleged $15 million in fraudulent loans.

Mr Ricci said Ms Gilmore also added to Lyle's bail conditions, ordering him to report to police daily and reside at his home in the Sydney CBD.

Upon release, Lyle must also surrender all passports, not approach any points of international departure and not contact a number of people also charged under Strike Force Apia.

Lyle's matter will be heard next in Downing Centre Local Court on September 20.