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Newspaper tycoon Conrad Black released on $2m bail

July 22nd, 2010Posted by in Legal, Newspapers

Newspaper tycoon Conrad Black has been released from prison in Florida on bail.

According to a report today by the BBC, the former Daily Telegraph owner Black was released on a $2 million bond, pending an appeal over fraud convictions.

He was convicted of defrauding shareholders in 2007 after pocketing tax-free bonuses without permission, as well as obstructing justice and sentenced to 78 months in jail.

But a ruling by the Supreme Court in June weakening the “honest services” law central to his conviction made bail likely.

Black’s release was preceded by a Supreme Court ruling on one of the laws used to convict him. It said the three counts of fraud were based on a vague piece of US law that was interpreted too broadly by the prosecution.

Black has always claimed his innocence and launched several unsuccessful appeals, according to a report by the Telegraph on his release.

He said an interview before he was jailed: “This story is not over (…) This isn’t like a fall and it is not an end. Even on a worst case, I’ll be back.”

See the Telegraph’s full report here…

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