GRAND FORKS (AP) - A Fargo man accused of swindling a Gilby woman out of $100,000 in an investment scheme that spanned as many as 25 states has pleaded not guilty to securities fraud and related charges.

The attorney for Thomas Kozlowski says his client did nothing wrong, and that prosecutors are misinterpreting the law.

Kozlowski allegedly told the 61-year-old Gilby woman that if she invested $100,000 she eventually would get back $6,250 every month and receive a full return on her investment. Court documents say the woman received only three payments.

Kozlowski is charged with three felonies in the alleged scheme, which authorities say resulted in more than $4 million in losses nationally.