The former manager of a now defunct hedge fund has pleaded not guilty to securities fraud and other charges after being accused of causing investors to lose $88m (€67.6m).

John Whittier, principal of Wood River Capital Management, was indicted last week on four felony counts of securities fraud and not disclosing his fund's true holdings. Whittier is also charged with failing to file required stock holdings and violating his firm's investment mandates. Wood River collapsed in October 2005.