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MISSOULA - A Polson man who is accused of one of the largest Ponzi scheme's in Montana's history pleaded not guilty in federal court.

Keith Kovick is facing mail fraud, wire fraud and 20 counts of money laundering charges.

Federal prosecutors say Kovick and Robert Congdon, along with their businesses Cornerstone Financial Inc. and K&B Investments LLC, are accused of selling unregistered securities.

The two connected people with investment opportunities and generated commission on each deal.

Kovick will have to forfeit more than $1.7 million for the crime.