Tuesday, September 2 2014 11:14 PM EDT2014-09-03 03:14:25 GMT
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Tuesday, September 2 2014 2:44 PM EDT2014-09-02 18:44:36 GMT
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COLUMBIA, SC (AP) - The former chairman of Carolina Investors is being released from prison.
Jack Sterling appeared Wednesday before the South Carolina Parole and Pardons Board. Board spokesman Pete O'Boyle says the board voted at the hearing to allow Sterling to be released. O'Boyle said it will take about a week to process his release.
O'Boyle said the board ordered that Sterling have nothing to do with the financial industry. He also must perform 200 hours of community service.
The 75-year-old executive started serving his 5-year sentence for securities fraud last April.
Sterling was convicted in 2009 of his role in the collapse of Carolina Investors. Sterling was chairman of HomeGold Financial Inc., the parent company of Carolina Investors. Six executives of the two companies were convicted after the firms went under.
About 12,000 people lost $275 million in the companies' 2003 collapse, one of the biggest bankruptcies in state history.
Sterling remained free on bail for about three years while he appealed his conviction.
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