"He says he is ashamed of himself," the board's decision read.
"He is now aware of the ongoing effects of his offending and told us he was not proud of what he did. He said he wanted to show his remorse by his actions rather than by his words. In thinking about his offending he says that he was trying to prove he was somebody other than who he was."
One of those targeted by the conman was rich-lister and National Party President Peter Goodfellow.
But during a lunchtime meeting at an upmarket eatery at Auckland's Viaduct, Mr Goodfellow began to doubt Michaels' stories.
"I noticed his clothes were not particularly sharp and his shoes were scruffy, and this was a man who said he had connections with one of the most wealthier families in Asia ... It just didn't add up," Mr Goodfellow said.
Michaels conceded to the board that he had been involved in fraud in Australia prior to coming to New Zealand and outlined a scheme in 1989 that led to what he said was a 20-month term of imprisonment.
He also outlined two other occasions when he was involved in shonky deals relating to the delivery and installation of granite bench tops.
But the Parole Board was not convinced of his contrition.
"He executed a sustained, ever-developing con over some 13 months. He adopted a predatory approach and chose his targets with some care," it said.
"We are unable to attribute much weight to that expression of remorse and to his declared motivation to lead a law-abiding life in the future as a protective factor. We note he was disbelieved as a witness at his trial and also, post-conviction and sentence, with respect to his evidence in the Court of Appeal."
The board said it could not see Michaels' circumstances changing in the foreseeable future and he will next make a bid for early release in August 2017.
Hi statutory release date is February 27, 2019 when he will be deported to Australia.
