Appeal cuts short Bond's prison term

Nine Net's former owner released after 3 years served

By MARK WOODS

SYDNEY -- A successful High Court of Australia appeal resulted in Alan Bond, the bankrupt former owner of the top-rated Nine Network, being released from jail Friday after serving three years for an art scam and Oz's biggest corporate fraud scheme.

Bond was serving a three-year prison term for a fraudulent sale of Manet masterpiece "La Promenade" and a separate seven-year sentence for an A$1.2 billion ($732 million) defrauding of local conglomerate Bell Resources in 1988 to keep his since-collapsed Bond Corp. afloat.