Francisco Briones the Ex-President of Fórum Filatélico was released from prison yesterday after paying 1 million euros in bail. Under his bail conditions he must report to the police every three days, his passport has been confiscated and he is forbidden to leave the country.

According to sources representing Briones clients and former employees have voluntarily contributed 300,000 euros to his defence fund.

Briones is the last of the four Fórum Filatélico executives to be released under bail. He was detained in May following accusations that the investment company had been defrauding its clients by operating a pyramid scheme.