The High Court has dismissed an application to prevent the release of Rod Petricevic from prison on Monday.

Justice Rebecca Ellis has backed the Parole Board's decision to release the former Bridgecorp director just half way through his six year sentence.

The Sensible Sentencing Trust had appealed Petricevic's parole at a hearing this morning, arguing he still felt no remorse for defrauding investors more than $400 million dollars.