A Kalispell man accused of bilking investors out of $1.5 million is charged with felony embezzlement and four counts of securities fraud.
Donald Chouinard pleaded not guilty Thursday morning in District Court in Kalispell.
Consumer complaints led the Montana Securities Commission shut down Chouinard’s businesses last fall.
State regulators alleged Chouinard made unauthorized trades on customer’s accounts during the five years he worked as an independent broker for LPL Financial Corp., causing customers to lose money while generating $250,000 in commissions for himself.
The state also alleged Chouinard solicited investments and used the money for personal expenses or for paying earlier investors.