The man known as "Hawaii's Fittest CEO" pleaded not guilty to theft on Monday.
The state says between 2010 and 2012, David Low and his company got three investors to purchase more than $257,000 in securities, and told them the money would be put in an annuity, Roth IRA, or pooled for their future use and benefit.
But according to the state, Low was not registered to transact securities in Hawaii. Instead, Low spent the money on himself.
Low is charged with five counts of theft. If convicted, he could potentially receive 10 years in prison for each count.
His trial date is set for Oct. 14.
Low's bail is set at $110,000.
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