The 66-year-old is serving a 6 years' and 10 months' sentence imposed in 2012 for misleading investors and using company funds to buy a luxury boat, in cases brought by the Financial Markets Authority and Serious Fraud Office.
The last failed finance company boss still in jail, Petricevic has just been granted release after his third appearance before a parole board earlier this month.
One his first appearance, the board expressed concerns that it was possible the former company director could provide advice or become involved in the management of other people's assets and put those assets at risk.
During his second appearance, the board declined release because Petricevic "maintained a degree of entitlement to act in the way he did".
It recommended the former Bridgecorp boss have a brief one-to-one programme with a psychologist so he could "see his offending its proper perspective".
But Petricevic did not qualify for a Department of Corrections psychologist because he was assessed as low risk and so funded one himself.
He had three counselling sessions with this psychologist, whose name is redacted in the parole board's decision.
This psychologist reported that the counselling had helped Petricevic "to better understand himself, his offending and the extent of his offending".
The parole board said a "chastened" Petricevic seemed to express genuine remorse when he appeared before it and had not caused any problems in custody.
"Given the apparent change in his understanding of his offending and his attitude generally, and the strength of his release plan which includes ongoing access to psychological counselling, we are satisfied that Mr Petricevic's low risk of offending can be managed in the community during the remainder of his sentence," the board said in its decision yesterday.
"Mr Petricevic says he has no intention of offering advice or being involved in any business enterprise following release. He will be retired," it said.
He will be released on September 7.
See the full Parole Board decision here:
