The Financial Markets Authority is appealing the sentences of the four directors of failed finance company Lombard.
Former justice ministers Sir Douglas Graham and Bill Jeffries, and Lawrence Bryant and Michael Reeves were convicted of misleading investors by making false statements in company documents.
In February this year, the men were convicted of misleading investors by making false statements in company prospectuses months before the company's collapse in 2008, owing $127 million to 4400 investors.
Graham and Bryant were sentenced to 300 hours' community work and ordered to pay $100,000 each in reparation. Jeffries and Reeves were sentenced to 400 hours' community work.
The FMA says it will appeal against those sentences, but would not confirm any other detail including the length of sentence it would prefer.
Earlier in April, the former directors filed their own appeals against their convictions.