A 34-year-old Australian businessman accused of the fatal hit and run  of a 21-year-old woman in West Hollywood on Nov. 10 was released Monday after paying $50,000 bail.

A memorial has been placed on the sidewalk near where Lauren Ann Freeman was struck while crossing Sunset Boulevard on Nov. 10. (photo by Edwin Folven)

Ryan Mathew Bowman has been formally charged with felony hit and run, but additional charges may be filed pending the outcome of an investigation into the collision on Sunset Boulevard.  Bowman turned himself in to authorities at the West Hollywood Sheriff’s Station on Nov. 11 and was originally booked for vehicular manslaughter. Bail was originally set at $100,000, but was reduce to $50,000 on Monday when the formal charges were filed, according to Jane Robison, with the Los Angeles County District Attorney’s Office.

Bowman is accused of hitting Lauren Ann Freeman as she was walking in a crosswalk at the intersection of Sunset Boulevard and Hammond Street around 11:50 p.m. Bowman, who was driving a 2007 Bentley, allegedly abandoned the vehicle on Westmount Drive near La Cienega Boulevard and Melrose Avenue. Debris found at the crash site reportedly matched the Bentley, which also had a broken windshield. Officials traced the vehicle to Bowman, who is the director of Sydney-based Zeal Entertainment, which owns the rights to “Girls Gone Wild” for Australia. Sherriff’s Department officials reportedly spoke with acquaintances of Bowman, who contacted the suspect and told him the authorities were looking for him. Bowman surrendered around 4:30 p.m. on Nov. 11 and was accompanied by his attorney, who had contacted officials at the station to arrange the surrender.

Bowman allegedly has an office at 9000 Sunset Boulevard, not far from the scene of the collision. Sheriff’s Department officials previously said alcohol is believed to have been a factor, but no additional information was available.

Freeman was a recent graduate of the Fashion Institute of Design, and had been at The Roxy on Sunset Boulevard on the evening of the hit and run. Robison said Bowman’s arraignment was continued to Jan. 4 in the Beverly Hills Courthouse.