Embattled movie mogul Vittorio Cecchi Gori has been freed from house arrest, although he will have to report to the police on a daily basis and cannot leave Italy.
Florence magistrate Francesco Carvisiglia accepted a request by Cecchi Gori's lawyers for their client's release, police said.
Cecchi Gori had been staying in his childhood Roman home since his arrest last month. Charges against him include channelling $30m from his Fiorentina football club to bankroll his film interests and failing to repay the full amount to the team. The former premier league club went bankrupt in September.
Investigating magistrates released Cecchi Gori in the belief that he no longer poses a threat to the ongoing investigation since evidence relating to the case has now been collected.
Meanwhile, Cecchi Gori continued to maintain that the case is a "conspiracy" against him. "The truth is finally starting to surface," he was reported as saying by Rome daily La Repubblica.
Several movies are still hanging in distribution limbo as a result of Cecchi Gori's financial troubles. These are Paolo Virzi's Venice title My Name is Tanino, Claude Lelouch's And Now Ladies and Gentlemen, Sergio Rubini's Anima Gemella and Giovanni Albanese's AAA Achille.