The Crown has asked for jail sentences for the Lombard Finance four, saying they have shown no remorse, did not plead guilty and had offered little reparation.
Last month, former justice ministers Sir Douglas Graham and Bill Jefferies, together with Lawrence Bryant and Michael Reeves, were found guilty of making untrue statements about Lombard's position in its offer documents in December 2007.
During the eight-week trial of the four directors, evidence was given that Lombard sales staff were still soliciting investment from members of the public in March 2008, less than a month from the decision by the firm's trustees to call in receivers.
The Lombard collapse, one of many finance company failures between 2007 and 2009, left 4400 investors owed $127 million.
Crown prosecutor Colin Carruthers QC this morning asked Wellington High Court Justice Robert Dobson to sentence the four to between two years and two years nine months' jail.
The lack of remorse, no guilty pleas and lack of reparation offered meant jail must be considered, he said.
Sentencing continues.
