LOUISVILLE, Ky. (WHAS11) -- The highest-ranking investigator at the Louisville FBI field office said on Wednesday she believed Eric Conn, who was convicted in a scheme that cost taxpayers $550 million, made a desperate decision when he cut off his GPS ankle monitor Friday and announced a $20,000 reward for information leading to his capture.

Conn had been released on bond after his conviction in the social security scheme and was scheduled to be sentenced in July when on Friday federal investigators were alerted Conn had removed his GPS ankle monitor.

Conn was required to wear the device, which could track his whereabouts, as a condition of the bond.

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Special Agent in Charge Amy Hess said the device was discovered along Interstate 75 in Lexington.

Hess said she believed Conn was still in the country.

"Mr. Conn has shown us by his actions on Friday that he's desperate," Hess said, "He's desperate to flee. He's desperate to not be held accountable. So we want people to exercise caution."

Anyone who knows where Conn is or comes into contact with him is asked to call their nearest law enforcement agency or the FBi directly at 502-263-6000.

i-Team investigator Derrick Rose can be reached at 502-582-7232 and dnrose@whas11.com. Follow him on Twitter at @WHAS11DRose.