Valerie Cooper, the former president and CEO of the Art Gallery of Calgary, who is being sued by the gallery for $500,000, was arrested on May 9 for fraud.

Cooper has been charged with six counts of fraud over $5,000 and one count each of theft under $5,000, mischief, obstruction and falsifying documents.

According to a police press release, the charges related to allegations dating back to July, 2005. According to the same release, the estimated losses to the AGC are over $438,000.

At a bail hearing at the Calgary courthouse building on the morning of May 10, Cooper, looking small in a red sweatshirt, appeared via closed circuit television in a small room from the Remand Centre. Her hearing was sandwiched in between cases dealing with shoplifting, prostitution and theft.

The Crown and the defence agreed to bail conditions, including a deposit of $50,000 and a surety of $5,000. Cooper must report to a probation officer within two days and alert the court of any change in name, address or employment. She must surrender her passport before being released.

Cooper left most of the talking to the attorneys, merely indicating that she understood the conditions and had her passport on her, ready to be surrendered.

Cooper is also prevented from having any contact with a list of nine former AGC staff and current board members.

She is forbidden from attending the AGC and is not to be employed in a position where she has signing authority.

There is a press conference scheduled for 1:30 p.m., so we'll post more information as it becomes available.