BEAVER -- Two brothers have been arraigned on fraud charges after raising millions of dollars to turn a southern Utah ski area into an exclusive members-only resort.
Marc and Stephen Jenson pleaded not guilty Monday in 3rd District Court to money-laundering and fraud charges.
Marc Jenson is accused of failing to inform investors of his checkered past and bankruptcy. He's being held at Beaver County jail for failing to pay $4 million to victims of an earlier fraud. His lawyer, Brent Burningham, says he withdrew Monday because he hadn't been compensated and that Marc Jenson will get a public defender.
The Jensons say they tried to turn the ski area into the Mount Holly Club but were defeated when a big investor dropped out.
The former Elk Meadows ski area outside the ranching town of Beaver is now being run as Eagle Point by managers of a former hedge fund.