A high court judge has thrown out a bid from former Hanover director Mark Hotchin to have an order freezing some of his assets lifted.
Justice Helen Winkelmann earlier reserved her decision after a hearing in September.
The Financial Markets Authority - formerly the Securities Commission - froze Hotchin's assets last December in an unprecedented display of power but has yet to issue proceedings against him or indicate what any charges would be.
It is investigating whether the registered prospectuses of Hanover Finance, Hanover Capital and United Finance breached the Securities Act when Hotchin was a director of all three.
Some 16,000 investors have lost more than $500 million in the companies.
