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SALT LAKE CITY (AP) -- A Utah investor accused of running a Ponzi scheme and using some of the money to acquire more than 200 classic and luxury cars has been arraigned on federal fraud charges.
Jeffrey Lane Mowen, 47, formerly of Lindon, Utah, pleaded not guilty Friday to three counts of wire fraud.
Authorities say they seized Mowen's automobiles, which included a 1939 Jaguar, a Model T from 1918 and a 1903 Oldsmobile Horseless Carriage.
Mowen was arrested March 24 in Panama, three days after his indictment was unsealed. He was being held in Salt Lake City pending a detention hearing set for Wednesday.
U.S. Magistrate Paul Warner set Mowen's trial for July 27. If convicted, he faces up to 20 years on each count, plus fines of $250,000.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
