The directors of Lombard Finance have failed in their last chance to have their convictions overturned.
The company collapsed in 2008, owing 3600 investors more than $111 million.
The Supreme Court on Friday refused to allow former directors Sir Douglas Graham, William Jeffries, Michael Reeves and Lawrence Bryant leave to appeal their convictions for making false statements in a company prospectus.
However, the court will hear an appeal against the four men's sentences.
The High Court originally sentenced the men to community work and ordered them to make reparation payments.
However, those sentences were changed to include home detention by the Court of Appeal, which said the original penalties were manifestly inadequate.
Sir Douglas Graham was sentenced to six months home detention and 200 hours of community work; William Jeffries to eight months home detention and 250 hours of community work; Michael Reeves to nine months home detention and 250 hours of community work and Lawrence Bryant to six months home detention.
