The jail sentence of a businessman described as a "professional fraudster" has been cut by the Court of Appeal.
Selva Carmichael, 42, was sentenced to four and a half years in October 2002 for cheating investors out of thousands of pounds in a Spanish property scam.
The sentence has now been cut by a year.
Judges at the Court of Appeal said Carmichael had abused people's trust, but in their view the original jail-term was too long and after some hesitation, they had decided to reduce it.
Operating from Bristol, Carmichael wooed investors with trips abroad and promises of a quick return on their money.
He offered people the chance to invest in property or plots of land in the Spanish resort of La Manga.
Most of the investors never saw their money again.
Carmichael pleaded guilty to nine counts of obtaining money transfers by deception and one count of attempting to obtain property by deception.