A few investors have retrieved some of the money stolen from them by imprisoned Dunedin financial adviser Barry Kloogh.
The latest liquidator's reports into the companies fronted by the disgraced businessman were released yesterday.
Both Financial Planning Ltd (FPL) and Impact Enterprises Ltd (IEL) had earlier been placed into liquidation after it was discovered they were the front for a Ponzi scheme run by Kloogh, who is serving a prison term of eight years and 10 months on 11 fraud charges totalling an estimated $15 million.
The new report said the Official Assignee's office was still investigating the Ponzi scheme, through which innocent investors believed they were investing in blue-chip stocks at near market rates.
Instead, Kloogh was stealing their money to fund his expensive lifestyle and pay out clients to keep the Ponzi afloat.
"An analysis of the movement of money between accounts of the company (FPL), of a related company (IEL) and the director, Barry Kloogh's personal accounts is continuing," the report said.
"Funds held with FNZ on trust for individual investors that were not included in the director's Ponzi activities have been released to those investors following the conclusion of the liquidator's investigation into their provenance."
However, that left an estimated more than $12m of stolen money still outstanding, the Official Assignee said.
The accounts of Kloogh's two companies showed IEL was $40 in the red and Kloogh's shareholder account with the firm was $33,334 overdrawn, while FPL had $7230 cash on hand but owed employees $2149, the IRD $17,641, and $117,703 was owed to general and trade creditors.
"Investigation and analysis of a property sold by two trusts associated with the director (Kloogh) is also continuing.
"The funds from this sale remain frozen in a solicitor's trust account."
The Official Assignee is also still trying to determine the value, if any, of commission trails, legal actions and insolvent transactions associated with the firms.
"It is estimated that the liquidation will take some time to complete, due to the complexities and the effect of the fraud," the report said.
"It is not possible to indicate a date of completion at this time."
The Financial Markets Authority, which reported Kloogh to the Serious Fraud Office after concerns about the manner in which businesses were trading, is still investigating the case to ensure all parties meet their regulatory obligations.