Two directors of the failed Nathans Finance have failed in their bid to have their jail sentences reduced.
Kenneth Moses and Mervyn Doolan were sentenced on 2 September this year for misleading investors about the risks associated with investing in the company.
Nathans Finance collapsed in 2007 owing $174 million to about 7000 investors.
The pair were found guilty of five breaches of the Securities Act by making untrue statements in company documents.
Doolan was jailed for for two years and four months and ordered to pay $150,000 in reparation.
Moses was sentenced to two years and two months in prison and ordered to pay reparation of $425,000.
Their lawyers appealed against the sentences this week, saying the starting points were too high and the men should be eligible for home detention.
On Friday, the Court of Appeal in Wellington dismissed the appeal, but is yet to release its reasons.