A lawyer for the Crown has told the Supreme Court that the Court of Appeal was right to increase sentences imposed on the former directors of Lombard Finance.
Sir Douglas Graham, William Jeffries, Michael Reeves and Lawrence Bryant have asked the Supreme Court to reduce their sentences.
The company collapsed in 2008, owing more than $110 million to investors.
Following a High Court trial, the former directors were convicted of making false statements in a prospectus and sentenced to community work and reparation.
However last year, the Court of Appeal ruled that all four men should serve between six and nine months' home detention.
Jim Farmer, QC, told the Supreme Court on Tuesday that when Justice Dobson sentenced the men in the High Court he ruled their offending was not as serious as that which occurred in some other cases involving finance companies.
But Crown lawyer Colin Carruthers, QC, told the court that the directors failed to fully reveal the company's vulnerable position to investors and such behaviour needed to be denounced.
The court has reserved its decision.
