The last of the jailed HIH trio of executives, Brad Cooper, has been released from jail after serving five years for dishonestly obtaining $6.7 million from the insurer just before its collapse.

Mr Cooper was found guilty of 13 charges, including six of bribing the former HIH Financial Services Manager Bill Howard to pay him before the insurer collapsed.

He was sentenced to eight years’ jail with a minimum period of five years – the longest jail term of the three HIH executives to be jailed.

HIH founder Ray Williams was sentenced to four-and-a-half years and released in February 2008 after serving just under three years. HIH director Rodney Adler was sentenced to the same period and was released in October 2007 after two-and-a-half years.

Mr Cooper was found guilty of obtaining $6.7 million in cash and forgiven debts after paying Howard about $124,000 in bribes.

Mr Howard gave evidence against Mr Cooper at the latter’s trial and agreed to a three-year suspended sentence for co-operating with the authorities.

Mr Cooper’s high-flying lifestyle while acting as Chairman of FAI Security Group also saw him admitting to being addicted to cocaine and prescription drugs.

At the height of his powers Mr Cooper drove a Ferrari and had houses in Sydney’s fashionable suburbs.

HIH collapsed in March 2001 with estimated losses of $5.3 billion, making it Australia’s largest corporate collapse.