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SALT LAKE CITY (AP) -- A Utah man charged with running a $100 million Ponzi scheme pleaded not guilty to 22 federal charges.
Rick Koerber was arraigned Thursday by U.S. Magistrate David Nuffer.
The 36-year-old Alpine resident has been indicted on charges of running an investment scheme from 2004 through 2008 and pocketing some of the money from hundreds of investors.
Prosecutors say Koerber was paying early investors interest on money he raised from successive recruits and never made a profit on any real-estate dealings he called "equity milling."
Koerber has vigorously denied the government's charges.
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Information from: The Salt Lake Tribune
(Copyright 2009 by The Associated Press. All Rights Reserved.)
