Five Star finance man out on parole

Five Star Finance's director Neill Williams awaiting sentencing in August 2013. Photo / Dean Purcell.

Five Star Finance's founder has been released on parole after being "humbled" by his time in jail.

Neill Allan Williams, 80, was sentenced to a total of five years in jail in 2013 after two separate sets of charges brought by the Financial Markets Authority and Serious Fraud Office.

The charges included theft by a person in a special relationship, breaches of the Securities Act and Financial Reporting Act.

Williams was not a listed director at the Five Star group, which collapsed almost a decade ago owing investors $90 million.

However, employees at the failed finance term said in evidence that Williams had referred to himself as the "Eminence Grise" - a classical reference to the great cardinal who stands in the shadows pulling the strings.

A judge, before sentencing Williams, said the twice-bankrupted accountant played an "integral part of all major strategic decisions within the Five Star group".

After serving part of his sentence, Williams was released on parole earlier this month.

The parole board's decision said the 80-year-old did not pose an undue risk to the community.

"In essence, Mr Williams presents as a somewhat broken man and one who has been humbled by the prison experience. There is no question in our minds over the remorse he feels. We believe he has no financial resources whatsoever but he made it plain that if he did they would be applied for the benefit of victims," the parole board said.

One of the conditions of his release is Williams is not to do any work handling other people's money or giving financial advice without the approval of his probation officer.

Prior to his imprisonment and after the collapse of Five Star, Williams was doing the books for a South Auckland restaurant.

This story incorrectly referred to a probation officer as a parole officer and has since been corrected.