The man at the centre of one of the country's worst business collapses has been denied parole, for failing to accept responsibility for his actions.
Rod Petricevic was convicted on 18 charges of fraud after the company he was a director of, Bridgecorp, collapsed in 2007 owing 14,500 investors $490 million.
He was sentenced in 2012 to six years and 10 months' imprisonment.
He became eligible to apply for parole last year and has already been turned down once.
In its latest judgement, the Parole Board said a psychologist found that rather than accept full responsibility for deliberately committing offences, Petricevic blamed himself for failing to stop the mistakes of others.