The Financial Markets Authority has charged four directors of a finance company that failed owing investors nearly $250 million.
OPI Pacific Finance Limited went into receivership in 2009 and was put into liquidation in 2011.
More than 10,000 investors are owed about $247 million and with secured debenture holders have been repaid up to 25 cents in the dollar.
The authority claims Mark Lawrence Lacy, Jason Robert Duncan Maywald, David Mark Anderson and Craig Robert White made untrue statements in the 2007 OPI offer documents.
The charges have been laid under the Securities Act and carry a five-year maximum term of imprisonment or a $300,000 fine.
The directors are due to appear in court in November.