More than 50 Utahns invested $4.5 million in what federal authorities say was a Ponzi scheme that took in more than $20 million.

Jeffery Lowrance pleaded not guilty Friday in a federal court in Chicago to fraud and money laundering charges in connection with his operation of a foreign exchange trading business. Lowrance was arrested earlier this year in Peru, where he had lived off and on since 2004, and was extradited to Chicago to face charges.

The Securities and Exchange Commission also filed a civil lawsuit Thursday in San Francisco against Lowrance. In addition, the Commodities Futures Trading Commission filed fraud charges Friday.

Lowrance owned Mentor Investing Group Inc., originally based in San Diego but which later moved to Panama, the SEC said. He later owned First Capital Savings & Loan Ltd., which was incorporated in 2007 in New Zealand and later took over Mentor's business, the agency said.

He promised investors monthly returns of up to 7.15 percent from foreign exchange trading, the complaints say.

"Lowrance targeted investors by purporting to share their Christian values and limited-government political views," the SEC said in a news release.

He invested little of their money in actual trading and lost money when he did, the complaints say. Lowrance made Ponzi payments using money from newer investors to pay initial ones to make it appear his business was profitable, federal officials said.

He also allegedly used investor funds to pay expenses of First Capital and unrelated business ventures, and made payments to himself and others. The loss to investors was put at about $5 million.

Besides Utah, there were victims in 25 other states, officials said. It is unclear from the complaints how the Utahns got involved with Lowrance.