Three former directors of Dominion Finance and North South Finance on Wednesday pleaded guilty to making untrue statements in a prosecution taken by the Financial Markets Authority.
Dominion Finance went into receivership in 2008 owing $176.9 million to 5900 investors.
North South Finance was placed in receivership in 2010 owing $31 million to 3900 investors.
Vance Arkinstall and Richard Bettle each pleaded guilty to five Securities Act charges including making untrue statements in investments documents.
Paul Forsyth pleaded guilty to seven charges of making untrue statements.
They will be sentenced on 16 August.