Investors lost about $115 million in Ross Asset Management but a small number were able to make withdrawals before the firm was raided in 2012.
Liquidators have now started to take action against those people who received returns from RAM, taking legal action against three and writing to another 23.
A new group, called RAM Clawback, has contacted those investors seeking to unite them.
In the first court case, Hamish McIntosh was ordered to repay $454,000 in profit he received from RAM.
He was allowed to keep the $500,000 he initially deposited.
McIntosh has since appealed.
Bruce Tichbon, who represents the burnt investors, said: “The battle is heating up into potentially a very destructive and expensive fight between the parties who have either lost money, those who have made money, and the liquidator. We mostly blame NZ's unworkable commercial law for this mess.”
He said his group had done its best to stop a split into adversarial groups. “But now it has happened we have to live with it. Those who have made money will seemingly be getting their own independent legal advice now. Those who have made money can afford a long fight because they have plenty of money, which was stolen by Ross from those who lost money."
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