He said he was disappointed Swann would be released on parole at the end of the month.
Mr Elliott, the father of murdered Dunedin woman Sophie Elliott, said Swann should remain in prison for his entire sentence of nine years and six months, rather than the four years and eight months he served.
Swann had not shown any remorse and been unco-operative with authorities, and left the district health board in a ''parlous financial situation''.
Swann, together with his associate, Kerry Harford, of Queenstown, was found guilty in December 2008 of defrauding the Otago District Health Board of a total of $16.9 million.
He was sentenced in March 2009 with a minimum non-parole period of four years and six months.
Mr Elliott said the sentencing judge should have imposed a longer minimum parole period, with Swann not to be released until he revealed where the outstanding funds had gone.
''This ought to have been a condition of release at sentence,'' he said.
Authorities have recovered about $3.6 million from Swann, mostly through the sale of assets seized under the Proceeds of Crime Act.
Millions of dollars remain unaccounted for, despite extensive investigations by police and the Serious Fraud Office.
