The Securities Commission has been awarded an interim injunction against Christchurch businessman Bernard Whimp.
The commission went to the High Court in Wellington on Thursday to prevent Mr Whimp receiving shares from his latest share offer.
He has used a number of companies as fronts, to make 'low ball' offers to investors.
Mr Whimp has offered investors what looked like a premium for their shares, but the fine print said he would pay for them in instalments over 10 years and receive all the dividends in that time.
Mr Whimp failed to correct the misleading offers to investors, as required by the Securities Commission by close of business two days ago.
Shareholders' Association chairman John Hawkins says the injunction will stop others from attempting unethical offers like those of Mr Whimp.