Dominique Strauss-Kahn, the former head of the International Monetary Fund who resigned amid sexual assault allegations, was granted bail Thursday afternoon by a judge in New York. The move allows Strauss-Kahn to be freed from Rikers Island, where he has been held since Monday.

The New York Times reported:

Mr. Strauss-Kahn’s lawyers filed a new application for his release in State Supreme Court on Wednesday night, reiterating their client’s earlier offer to put up $1 million cash bail and wear an ankle monitor. The new application also said that Mr. Strauss-Kahn would remain under 24-hour home confinement in the apartment recently rented by his wife, with an armed guard posted outside — presumably to ensure he stays inside. He also submitted a waiver of extradition, should the American authorities need to get him back from France.

The judge, Justice Michael J. Obus of State Supreme Court in Manhattan, agreed to those conditions, also requiring $5 million bond to be posted.

Justice Obus then gave Strauss-Kahn a stern warning: “I assume you’re going to be posting this in due course. You will be subject to and you will have the benefit of the protection of the criminal court system, the criminal justice system of this state and this country. I expect you will be here.”

Prior to the judge's decision, prosecutors said that the ex-IMF executive had been indicted by a grand jury on charges related to an alleged sexual assault of a chambermaid at a New York hotel last Saturday.

The Wall Street Journal reported that the charges include: "criminal sexual act in the first degree, attempted rape in the first degree, and sexual abuse in the first degree. The most serious of these — criminal sexual act — carries a maximum sentence of 25 years in prison."

Strauss-Kahn is expected to be released from Rikers Island on Friday after his bail is posted.  He is scheduled to be arraigned on June 6.