A father-of-three who strapped a fake bomb to the neck of an Australian millionaire's teenage daughter in an apparent extortion bid has been jailed for 13-and-a-half years.

Paul Douglas Peters attached a hoax bomb to Sydney schoolgirl Madeleine Pulver's neck for 10 hours in August 2011.

The former investment banker admitted the charges in March 2012 and was sentenced at the New South Wales State District Court to 13 years and six months. He will not be eligible for parole for 10 years.

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Madeleine Pulver made a statement to the media outside the New South Wales State District Court

Peters, who claimed he was depressed and confused reality with a fictitious book he was writing, was told he put Pulver, 18, through "unimaginable" terror.

Prosecutors said he had attached the 'bomb' to the teen as an extortion bid and was actually targeting someone living next door to the Pulvers.

Judge Peter Zahra said: "I'm not prepared to accept that the offending was the product of being in a psychotic state."

Speaking outside court, Madeleine Pulver said she was sitll coming to terms with her ordeal. "I realise it will take quite some time to come to terms with what happened. But today was important because now the legal process is over.

"For me it was never about the sentencing, but to know that he will not re-offend and it was good to hear the judge acknowledge the trauma he has put my family and me through," she said.

"It's been a surprise to me that this year has been much harder than last year but I’m lucky enough to have family and friends and we are all making great progress."

Her father Bill said his family could now move on, saying: "its been a difficult 16 months but I think it's behind us."

According to police documents Peters began the ordeal by walking into the home of Madeleine in August 2010, clad in a balaclava and told the teen he was not going to harm her, saying: "Sit down and no one needs to get hurt."

It took police 10 hours to realise the device was a hoax.

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  • Madeleine Pulver

    Madeleine Pulver center, stands with her father Bill, left, and mother Belinda, right, while speaking to the media outside the New South Wales State District Court, after the sentencing of Paul Douglas Peters, in Sydney, Australia, Tuesday, Nov. 20, 2012. Peters, an Australian investment banker who admitted chaining a fake bomb to Pulver in Aug. 2011, as part of a bizarre extortion plot, pleaded guilty to the crime and was sentenced to 13 years and six months jail Tuesday. (AP Photo/Rob Griffith)

  • Madeleine Pulver

    Madeleine Pulver, center, her father Bill, left, and her mother Belinda, right, leave the New South Wales State District Court, after the sentencing of Paul Douglas Peters, in Sydney, Australia, Tuesday, Nov. 20, 2012. Peters, an Australian investment banker who admitted chaining a fake bomb to Pulver in Aug. 2011, as part of a bizarre extortion plot, pleaded guilty to the crime and was sentenced to 13 years and six months jail Tuesday. (AP Photo/Rob Griffith)

  • AUSTRALIA-US-CRIME-BOMB

    Madeleine Pulver (C) speaks to the media as her mother Belinda (R) listens outside of the court in Sydney on November 20, 2012. An investment banker who attached a fake bomb around the neck of Pulver, a Sydney schoolgirl, in a bid to extort money from her wealthy family was jailed for at least 10 years. Paul Peters, who was arrested and extradited from the United States in September last year with the help of the FBI, pleaded guilty earlier this year to aggravated breaking and entering and detaining the teenager for advantage. AFP PHOTO/William WEST (Photo credit should read WILLIAM WEST/AFP/Getty Images)

  • AUSTRALIA-US-CRIME-BOMB

    Madeleine Pulver (C) speaks to the media outside of the court in Sydney on November 20, 2012. An investment banker who attached a fake bomb around the neck of Pulver, a Sydney schoolgirl, in a bid to extort money from her wealthy family was jailed for at least 10 years. Paul Peters, who was arrested and extradited from the United States in September last year with the help of the FBI, pleaded guilty earlier this year to aggravated breaking and entering and detaining the teenager for advantage. AFP PHOTO/William WEST (Photo credit should read WILLIAM WEST/AFP/Getty Images)

  • AUSTRALIA-US-CRIME-BOMB

    Madeleine Pulver (C) speaks to the media outside of the court in Sydney on November 20, 2012. An investment banker who attached a fake bomb around the neck of Pulver, a Sydney schoolgirl, in a bid to extort money from her wealthy family was jailed for at least 10 years. Paul Peters, who was arrested and extradited from the United States in September last year with the help of the FBI, pleaded guilty earlier this year to aggravated breaking and entering and detaining the teenager for advantage. AFP PHOTO/William WEST (Photo credit should read WILLIAM WEST/AFP/Getty Images)

  • AUSTRALIA-US-CRIME-BOMB

    Madeleine Pulver (C) speaks to the media as her father Bill (L) and mother Belinda (R) listen outside of the court in Sydney on November 20, 2012. An investment banker who attached a fake bomb around the neck of Pulver, a Sydney schoolgirl, in a bid to extort money from her wealthy family was jailed for at least 10 years. Paul Peters, who was arrested and extradited from the United States in September last year with the help of the FBI, pleaded guilty earlier this year to aggravated breaking and entering and detaining the teenager for advantage. AFP PHOTO/William WEST (Photo credit should read WILLIAM WEST/AFP/Getty Images)

  • Madeleine Pulver

    Madeleine Pulver makes a statement to the media outside the New South Wales State District Court, in Sydney, Australia, Tuesday, Nov. 20, 2012, after the sentencing of Paul Douglas Peters, an Australian investment banker who admitted chaining a fake bomb to Pulver in Aug. 2011, as part of a bizarre extortion plot. Peters pleaded guilty to the crime and was sentenced to 13 years and six months jail Tuesday. (AP Photo/Rob Griffith)

  • Madeleine Pulver

    Madeleine Pulver, center, her father Bill, left, and her mother Belinda, right, leave the New South Wales State District Court, after the sentencing of Paul Douglas Peters, in Sydney, Australia, Tuesday, Nov. 20, 2012. Peters, an Australian investment banker who admitted chaining a fake bomb to Pulver in Aug. 2011, as part of a bizarre extortion plot, pleaded guilty to the crime and was sentenced to 13 years and six months jail Tuesday. (AP Photo/Rob Griffith)

  • Madeleine Pulver

    Madeleine Pulver arrives at the New South Wales State District Court, in Sydney, Australia, Tuesday, Nov. 20, 2012, for the sentencing of Paul Douglas Peters, an Australian investment banker who admitted chaining a fake bomb to Pulver in Aug. 2011, as part of a bizarre extortion plot. Peters pleaded guilty to the crime and was sentenced to 13 years and six months jail Tuesday. (AP Photo/Rob Griffith)

  • Madeleine Pulver

    Madeleine Pulver makes a statement to the media outside the New South Wales State District Court, in Sydney, Australia, Tuesday, Nov. 20, 2012, after the sentencing of Paul Douglas Peters, an Australian investment banker who admitted chaining a fake bomb to Pulver in Aug. 2011, as part of a bizarre extortion plot. Peters pleaded guilty to the crime and was sentenced to 13 years and six months jail Tuesday. (AP Photo/Rob Griffith)

  • Bill Pulver speaks to the media outside the New South Wales State District Court, after the sentencing of Paul Douglas Peters, in Sydney, Australia, Tuesday, Nov. 20, 2012. Peters, an Australian investment banker who admitted chaining a fake bomb to Pulver's teenage daughter Madeleine in Aug. 2011, as part of a bizarre extortion plot, pleaded guilty to the crime and was sentenced to 13 years and six months jail Tuesday. (AP Photo/Rob Griffith)

  • Belinda Pulver

    Belinda Pulver, along with Bill Pulver, not in photo, , mother and father of collar bomb hoax victim Madeleine Pulver, arrives at New South Wales state District Court in Sydney, Australia, Friday, Oct. 19, 2012 . The Pulvers were at the court for the sentencing of Paul Douglas Peters the hoax collar bomber. (AP Photo/Rob Griffith)

  • Belinda Pulver Bill Pulver

    Belinda Pulver right, and her husband Bill Pulver, center, mother and father of collar bomb hoax victim Madeleine Pulver, arrive at New South Wales state District Court in Sydney, Australia, Friday, Oct. 19, 2012 . The Pulvers were at the court for the sentencing of Paul Douglas Peters the hoax collar bomber. Peters, an Australian investment banker who admitted chaining a fake bomb to the teenager drank heavily and went through wild mood swings in the years before the bizarre extortion attempt, his ex-wife said Friday at his sentencing hearing. (AP Photo/Rob Griffith)

  • Belinda Pulver Bill Pulver

    Belinda Pulver, left, and her husband Bill Pulver, mother and father of collar bomb hoax victim Madeleine Pulver, arrive at New South Wales state District Court in Sydney, Australia, Friday, Oct. 19, 2012 . The Pulvers were at the court for the sentencing of Paul Douglas Peters the hoax collar bomber. Peters, the 51-year-old faces up to 20 years in prison for tethering a bomb-like device to the neck of then-18-year-old Madeleine Pulver in August 2011 while she was alone in her family's Sydney mansion. In March, he pleaded guilty to aggravated break and enter and committing a serious indictable offense. (AP Photo/Rob Griffith)

  • William Pulver, Belinda Pulver

    William Pulver, right, makes a statement as his wife Belinda listens in Sydney, Thursday, Aug. 4, 2011, a day after their daughter Madeleine was chained to a fake bomb for 10 hours. Australian police said Thursday they believe a masked man broke into the home of the wealthy Sydney family, chained the fake bomb to the teenage girl's neck and left a note of demands behind as part of an elaborate extortion attempt that seemed straight out of a Hollywood thriller. (AP Photo/Rick Rycroft)

  • William Pulver

    William Pulver makes a statement in Sydney, Thursday, Aug. 4, 2011, a day after his daughter Madeleine was chained to a fake bomb for 10 hours. Australian police said Thursday they believe a masked man broke into the home of the wealthy Sydney family, chained the fake bomb to the teenage girl's neck and left a note of demands behind as part of an elaborate extortion attempt that seemed straight out of a Hollywood thriller. (AP Photo/Rick Rycroft)

  • Police block a road in the Sydney suburb of Mosman, Thursday, Aug. 4, 2011, where Madeleine Pulver was chained to a fake bomb for 10 hours. Australian police said Thursday they believe a masked man broke into the home of the wealthy Sydney family, chained the fake bomb to the teenage girl's neck and left a note of demands behind as part of an elaborate extortion attempt that seemed straight out of a Hollywood thriller. (AP Photo/Rick Rycroft)

  • Luke Moore

    New South Wales state Police Detective Superintendent Luke Moore comments to media in Sydney, Thursday, Aug. 4, 2011, a day after a teenage girl, Madeleine Pulver was chained to a fake bomb for 10 hours. Australian police said Thursday they believe a masked man broke into the home of the wealthy Sydney family, chained the fake bomb to the teenage girl's neck and left a note of demands behind as part of an elaborate extortion attempt that seemed straight out of a Hollywood thriller. (AP Photo/Rick Rycroft)

  • Police work outside a house in the Sydney suburb of Mosman, Thursday, Aug. 4, 2011, where Madeleine Pulver was chained to a fake bomb for 10 hours. Australian police said Thursday they believe a masked man broke into the home of the wealthy Sydney family, chained the fake bomb to the teenage girl's neck and left a note of demands behind as part of an elaborate extortion attempt that seemed straight out of a Hollywood thriller. (AP Photo/Rick Rycroft)

  • William Pulver, Belinda Pulver

    William Pulver, right, makes a statement as his wife Belinda listens in Sydney, Thursday, Aug. 4, 2011, a day after their daughter Madeleine was chained to a fake bomb for 10 hours. Australian police said Thursday they believe a masked man broke into the home of the wealthy Sydney family, chained the fake bomb to the teenage girl's neck and left a note of demands behind as part of an elaborate extortion attempt that seemed straight out of a Hollywood thriller. (AP Photo/Rick Rycroft)

  • Police cordon off the street where Madel

    Police cordon off the street where Madeleine Pulver, age 18, endured a horrifying 10-hour ordeal after a masked man strapped a device around her neck at her home in Sydney on August 4, 2011. A manhunt was under way for an attacker who attached what turned out to be a fake bomb to the terrified teenager. AFP PHOTO / Torsten BLACKWOOD (Photo credit should read TORSTEN BLACKWOOD/AFP/Getty Images)

  • Media line the barriers after police cor

    Media line the barriers after police cordon off the street where Madeleine Pulver, age 18, endured a horrifying 10-hour ordeal after a masked man strapped a device around her neck at her home in Sydney on August 4, 2011. A manhunt was under way August 4 for a suspect who attached what turned out to be a fake bomb to a terrified Sydney teenager in a drama described as 'like something out of a Hollywood movie script'. AFP PHOTO / Torsten BLACKWOOD (Photo credit should read TORSTEN BLACKWOOD/AFP/Getty Images)

  • Police search for clues in the street wh

    Police search for clues in the street where Madeleine Pulver, age 18, endured a horrifying 10-hour ordeal after a masked man strapped a device around her neck at her home in Sydney on August 4, 2011. A manhunt was under way August 4 for a suspect who attached what turned out to be a fake bomb to a terrified Sydney teenager in a drama described as 'like something out of a Hollywood movie script'. AFP PHOTO / Torsten BLACKWOOD (Photo credit should read TORSTEN BLACKWOOD/AFP/Getty Images)

  • AUSTRALIA-CRIME-BOMB-US-FILES

    (FILES) This file photo taken on August 4, 2011 shows police cordoning off the street where Madeleine Pulver, age 18, endured a horrifying 10-hour ordeal after a masked man strapped a device around her neck at her home in Sydney. An Australian investment banker who attached a fake bomb around the neck of a Sydney schoolgirl in a bid to extort money from her wealthy family was on November 20, 2012 jailed for at least 10 years. AFP PHOTO / FILES / Torsten BLACKWOOD (Photo credit should read TORSTEN BLACKWOOD/AFP/Getty Images)

  • Australia Suspicious Device

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