Federal prosecutors have filed a letter to the court in response to alleged NXIVM leader Keith Raniere's request to be released on bail.

Defense attorneys are asking for Raniere's bail to be set at $10 million. In exchange, he would give up his passport and agree to 24-hour surveillance by paid armed guards at a location of his choosing.

Prosecutors say that arrangement would not protect the public from Raniere, or guarantee he wouldn't jump bail. They say the cost of paying the guards proves Raniere does have financial resources after he claimed to have no regular income.

Raniere is set to stand trial in October on sex trafficking and other charges. He faces 15 years to life in prison if convicted.