Former Calumet Farm president J.T. Lundy was released Tuesday morning after serving a prison sentence for bank fraud, conspiracy, and bribery convictions. However, the Kentucky horseman will be on probation for another three years, according to a Federal Bureau of Prisons spokesman.The spokesman said that Lundy was in a home confinement program at the time of his release at "approximately 8 a.m. (EST)." Previously, Lundy had been living at a halfway house in Lexington and had attended both the Keeneland September yearling and November breeding stock sales.In 2000, a Houston jury found Lundy and Calumet's chief financial officer, Gary Matthews, guilty of intentionally and systematically defrauding the First City National Bank of Houston of $65 million in loans to Calumet through bribery and deceit. Sentenced by U.S. District Court Judge Sim Lake to serve a 4 1/2-year term, Lundy reported to the federal prison camp in Pensacola, Fla., in February of 2001. Lake also ordered Lundy to make $20.4 million in restitution. Matthews, who received a 21-month sentence, was released from prison in December of 2002, according to Bureau of Prison records.Calumet filed for bankruptcy and was sold at public auction in 1992. Henryk de Kwiatkowski purchased most of Calumet's land and continued to operate the farm until his death in 2003. A trust created by de Kwiatkowski now oversees Calumet's operations.