After doing ‘‘very well’’ in prison, a man convicted of a fraud worth more than $2 million has been released on parole.

Peter Joseph Nitschke was sentenced to two years and three months’ jail in March last year on seven fraud charges relating to about $2.3m he obtained dishonesty.

He was eligible for parole after serving a third of his sentence and was freed last month after a Parole Board hearing at Manawatu Prison.

‘‘He is a low-risk offender and did not meet the criteria for any rehabilitative programmes in prison, but has done very well,’’ a report by Justice Warwick Gendall said.

The report says Nitschke has ‘‘strong support’’, suitable accommodation and employment.

He walked out of prison on December 18 and until June next year, when his sentence expires, he cannot handle other people’s money without the approval of his probation officer.

He also needs approval to move house or change jobs, and must attend any counselling or programmes ‘‘deemed necessary to reduce the risk of re-offending’’.

The fraud charges Nitschke admitted in the Feilding District Court were laid by the Serious Fraud Office.

He was a 20 per cent shareholder and operations manager in the family bull-fattening business, Capehorn Farming.

The business was placed into receivership in late 2010 owing almost $12m.

Last decade the business had rapidly expanded, but by early 2010 it was in trouble when beef prices dropped.

In February and March that year Nitschke falsified invoices to livestock financiers StockCo for bulls that did not exist or were to be sold.

The false invoices were worth $881,007 and Nitschke used the money to pay other creditors.

He also obtained a $1.5m loan from BNZ, telling the bank the loan was to refinance 2500 bulls that did not exist or were to be sold.

At his sentencing, defence lawyer Steve Winter said Nitschke was a workaholic, who was good at what he did.

‘‘It’s fair to say that before things began to unravel he built up a reputation as a solid and reliable member of the farming and business community,’’ Mr Winter said.

‘‘He hoped he could farm his way out of trouble.’’

Judge Gerard Lynch did not make a reparation order, as Nitschke had no means to pay it.

When the Manawatu Standard tried to contact him, his mother said he would not comment.