Alan D. Danneman, who is accused of playing a key role in one of the largest fencing operations in the Washington area, was released from jail on his personal recognizance yesterday by the chief judge of the U.S. District Court, three days after a federal magistrate refused to lower his bond from $100,000.

Danneman's lawyer, John W. Karr, told Chief Judge William B. Bryant that it would be impossible for Danneman to post any money bond since government agents, including the Internal Revenue Service, had seized all his assets, including his house and automobiles. Danneman, who has no prior arrest record, is charged with receiving stolen property in connection with the fencing ring, which was exposed by federal law-enforcement officials last week after an undercover operation called "Greenthumb."

As a condition of his release, Bryant told Danneman, 32, that he must report in person once a week both to his lawyer and to the D.C. Pretrial Services Agency. Byrant told Danneman that he also must remain employed. Danneman, who lives in Lanham, said he plans to return to his business, ADE Inc., a gold and silver dealership on K Street NW, which was one of the targets of the undercover operation.