Robert Roest has been declined parole just weeks after his Bridgecorp co-director Rod Petricevic's parole was also rejected.
Despite being described as a model prisoner, the parole board it declined the failed finance company's former chief financial officer's parole application citing a continued lack of empathy for his victims in a report released today.
"He still appears to lack any significant degree of empathy for the victims of his offending other than acknowledging their losses,'' it said.
"When asked about what victims might feel about him being released on parole at this early stage of his sentence he focused on his legal rights under the Parole Act and did not comment on the likely response of the victims."
Roest was an executive director of failed finance company Bridgecorp which went into receivership in 2007, owing hundreds of millions of dollars to more than 14,000 investors, most of whom were seniors saving for their retirement.
He was convicted of 18 charges relating to make false statements in Bridgecorp prospectuses and sentenced to six and a half years imprisonment.
The parole board noted in its report that Roest had been incident free during his imprisonment had been working in the prison canteen. He was studying an NCEA qualification in warehouse and distribution, and doing an international distance learning programme that ''teaches moral choices and equips prisoners with the life skills they need''.
However it also said Roest was "rigid" in his thinking about his offending and lacked empathy for his victims.
It said it was not satisfied he would not pose an undue risk to safety of the community and declined his parole.
He is due to reappear in front of the board in January 2015.