The High Court has ruled that the assets of the former head Hanover Finance should remain frozen.
Mark Hotchin has been trying to overturn an asset preservation order taken out in December, freezing valuable property held on his behalf through various trusts.
They include a mansion on Auckland's Paritai Drive and a beach house on Waiheke Island.
The order was sought by the Financial Markets Authority, which is investigating suspected Securities Act breaches by Mr Hotchin relating to Hanover Finance.
Justice Winkelman declined Hotchin's application.
However she varied the existing orders, allowing the sale of assets to meet tax bills and payment to some creditors.