The Serious Fraud Office has laid 92 criminal charges against the directors of the failed Gisborne-based company Rockforte Finance.
The company was placed into receivership in 2010, owing more than $3 million to 77 investors.
Rockforte directors Nigel O'Leary and Colin Simpson each face 34 theft-related charges, while John Gardner faces 24.
The directors are accused of using a large amount of investors' money to fund their personal business interests in Gisborne Haulage and Michael Ward 1969 Ltd, which operated the Jean Jones clothing label.
The charges carry sentences of up to 10 years in prison.