The company, based in Queensland, describes itself as a property development company.
The commission believes the offer does not comply with New Zealand law.
Investors have been invited to invest a minimum of $10,000, with a promised rate of return of up to 15.92% per annum.
First Foundation Developments Limited does not have a registered prospectus and investment statement. These documents are required for securities to be offered to the public in New Zealand.
The offer has been promoted in the Weekend Herald, with the latest advertisement appearing on March 8.
The advertisements refer to a website operated by First Foundation Developments Limited which gives further details of the offer.
First Foundation Developments Limited has told the commission that it has stopped advertising the offer in New Zealand.
Anyone who has already subscribed is legally entitled to have their money refunded. People who have subscribed should contact the company for the return of their money.
The commission warns people about paying money to schemes which do not have the required offer documents.
A registered prospectus and investment statement give investors important information about the people involved in the investment and how their money is being invested.
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