His co-offender Neal Nicholls - sentenced to a record 8 years and 6 months - is due to be released sometime this month, although the parole board did not disclose the exact day.
Nicholls and Douglas were both jailed after a Serious Fraud Office case in which they were found guilty of theft by a person in a special relationship for loans totalling almost $20 million.
Already in jail, they had their sentences increased to more than eight years when they admitted misleading investors in a case brought by the Financial Markets Authority.
After less than three years in prison, Douglas has been released on parole and plans to find work gardening, which is his new-found passion. The parole board's decision described Douglas as "compliant, polite and friendly" and said the "dominating aspect of his sojourn in prison has been his discovery of a passion for gardening".
Douglas worked in an offender employment nursery, studied horticulture, put in long hours and demonstrated high work standards, the decision said.
While out on parole, Douglas is not allowed to offer financial advice, or work as a director of a business involved in finance.
He is also not allowed to communicate with Nicholls or Capital+Merchant director Owen Tallentire, who was jailed but is now also out on parole.
Nicholls, who also worked in the offender employment nursery, is due to be released this month. Nicholls was seen as having a low-risk of reoffending and the parole board's decision says he has received offers of work in the horticultural industry. He faces similar release conditions as Douglas.
C+M collapsed in 2007 owing $167 million to investors.
Remorse weighed against risk to the community
Remorse seems to be the name of the game for white-collar criminals seeking release on parole.
Both Bridgecorp boss Rod Petricevic and Capital + Merchant Finance director Wayne Douglas were on the boards of failed finance companies and both were jailed for serious wrongdoing - Petricevic for six years and 10 months and Douglas for eight years and two months. Both were employed and took up study while in prison, Petricevic in law and Douglas in horticulture. When coming before parole boards, both had the support of friends.
But while Petricevic was refused release after his latest appearance, Douglas was granted parole late last month. The main difference seems to be the prisoners' remorse.
The parole board said there was no question that Douglas felt a "deep" remorse for his offending. However, in Petricevic's case, the board quoted a psychologist's report that said the Bridgecorp boss "maintained a degree of entitlement to act in the way that he did".
Remorse isn't the chief criterion the parole board considers when deciding whether to release someone. The most important factor is whether an offender poses an undue risk to the community.
In Petricevic's case, his attitude to his offending and the risk he poses were clearly seen to be linked.
The board said: "While Mr Petricevic continues to hold the attitudes revealed in the psychologist's report and expressed before the board we are not satisfied that he does not present as an undue risk to the community."
