The Sensible Sentencing Trust is taking legal action to try to stop the head of failed finance company Bridgecorp from being released on parole.
The trust has today filed proceedings in the High Court in Wellington, seeking a judicial review of the decision to release Rod Petricevic from jail this month.
Petricevic, 66, was convicted in 2012 on 18 charges of fraud, and has served half of his sentence of six years and 10 months in prison.
A barrister acting for the Sensible Sentencing Trust, David Garrett, said Petricevic had proved he was not to be trusted, and was still a risk to the public.
"We believe he is a recidivist white-collar criminal," he said.
"He is deceitful, he is duplicitous, and we believe he will continue to pose a risk to members of the investing public - albeit probably through an intermediary rather than in his own name."
Mr Garrett said there was a huge difference in two consecutive reports to the parole board.
"He had a sense of entitlement to do what he did and had limited remorse. Three sessions later, with a psychologist that he paid for, suddenly he's a changed man, he's got great insight into his offending, he realises what he did was wrong and he's deeply remorseful.
"I just don't believe it."
Petricevic has said that he plans to retire after his release from prison.
His release conditions include a ban on involvement in businesses, trusts or voluntary organisations, and on handling business transactions or giving financial advice.
Bridgecorp collapsed in 2007 owing 14,500 investors $490 million.