If former justice minister Sir Douglas Graham has to serve the home-detention sentence imposed today, he is likely to be allowed an hour-a-day walk for the sake of his health.
Neither Graham nor his three fellow former Lombard Finance and Investments directors has to start serving the new sentences because they have appeals in the pipeline.
If the Supreme Court declines to hear their appeals, or dismisses them, the four will be fitted with electronically monitored bracelets that will trigger a response if they leave their homes without a probation officer's permission.
In Graham's case, the Court of Appeal was told that he needed an hour's walk for the sake of his health.
The court said it would be appropriate and reasonable for a probation officer to approve an hour a day outside Graham's home on suitable terms.
If the sentences stay, Bill Jeffries and Michael Reeves are expected to ask for permission to leave home so they can work.
Prime Minister John Key said there was still no decision about whether or not Graham would be stripped of his knighthood.
Key has been taking advice on the situation and reviewed precedents.
"It would be a very unusual thing to lose a knighthood, it has happened, but every situation is unique."
The Court of Appeal's judgment issued today settles new sentences after its decision on May 13 that the sentences imposed in the High Court last year were inadequate.
It said the starting point should have been jail, and the High Court judge had given them too much of a discount for factors that reduced their blame.
The court also dismissed the men's appeals against their convictions.
Graham is now sentenced to six months' home detention and 200 hours' community work.
Jeffries gets eight months' home detention and 250 hours' community work.
Reeves gets nine months' home detention and 250 hours' community work.
Lawrence Bryant got six months' home detention. Community work originally ordered was not reimposed because Bryant's health was said to have deteriorated since he was first sentenced.
Graham and Bryant still have to pay the $100,000 reparation ordered.
In the High Court, Jeffries and Reeves had been sentenced to the maximum amount of community work, 400 hours. Graham and Bryant had been sentenced to 300 hours' community work and $100,000 reparation.
All four were found guilty of making false statements in investment documents for Lombard Finance and Investments, which failed in April 2008 owing $111 million to more than 3500 investors.
- Fairfax Media