COLUMBIA, S.C. (AP) -- The former chairman of Carolina Investors is being released from prison.

Parole and Pardons Board spokesman Pete O'Boyle says the board voted Wednesday to allow Jack 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 five-year sentence for securities fraud last April.

Sterling was convicted in 2009 for his role in the collapse of Carolina Investors. Sterling was chairman of HomeGold Financial Inc., the parent company of Carolina Investors. Six executives were convicted.

About 12,000 people lost $275 million in the companies' 2003 collapse, one of the biggest bankruptcies in state history.

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