Former Media Baron, Conrad Black Released From US Prison

conradblack
The British newspaper mogul Conrad Black has been for the US prison Wednesday afternoon after paying a bond of $2 million. to follow the laws, Judge Amy St. Eve released the 65 year old media baron but has restricted him to the continental United States for the time being.

He will be appear in a Chicago court on Friday to hear his bail conditions. He arrived in his ocean-front Florida Mansion July 21, 2010. He entered a Florida prison in 2008 after being convicted of three counts of fraud and one count of obstruction of a justice in a scheme that swindled now inoperative Hollinger International Inc. out of $6.1 million along with three of its executives.

Black and the other convicted executives were found to have paid themselves tax-free bonuses from the sale of newspaper assets without the approval of the company’s board.

During his time in Hollinger, it became one of the largest media companies in the world, and acquired the Chicago Sun-Times, the UK’s Daily Telegraph, the Jerusalem Post and hundreds of community papers in the US and Canada.

St. Eve sentenced him to 6 and 1/2 years in prison but served slightly more than 2 years. Black’s lawyer, Miguel Estrada said that the $2 million bond has been provided by conservative businessman Roger Hertog. He is still facing numerous civil suits related to Hollinger and US tax authorities have demanded $71 million for unpaid taxes.