Former Bridgecorp boss Rod Petricevic will be released on parole today, despite efforts by the Sensible Sentencing Trust to keep him behind bars.

Coromandel investors were among thousands who lost their savings when Bridgecorp collapsed in 2007 owning about $459 million to 14,500 people.

Finance company fraudster Rod Petricevic will be released on parole today. Photo: Brett Phibbs/Fairfax NZ.

Former managing director Petricevic has been serving a sentence of six years and 10 months imprisonment since April 2012, for white collar offending associated with that role.

Petricevic was convicted on six counts of making false statements, two of making false statements in director's certificates, and ten counts under the Securities Act of distributing offer documents containing false statements.

On 26 April, 2012, he was sentenced to six-and-a-half years' imprisonment. He was later sentenced to a further, cumulative, four months' imprisonment on two charges of making false statements

However, authorities granted him parole in August and he is due to be released today.

The Sensible Sentencing Trust opposed the release, saying it was on the basis of a psychologists' report paid for by Petrecivic. It came six months after an earlier report that noted his lack of remorse and sense of entitlement.

The Parole Board‘s opinion is that Petrecevic now accepts the High Court Judge's findings.

He acknowledged that the statements subject of the various charges were false and what he did was wrong, and he seemed to express genuine remorse for his actions.

Justice Rebecca Ellis agreed with the Parole Board's submission that the Sensible Sentencing Trust has no status, role or voice in relation to the parole process, that is independent of the particular victims of the offences committed by the particular offender who is up for parole.

The 66-year-old says he will retire and take no part in business.