Bankrupt real estate investor Ezri Namvar on Monday pleaded not guilty to five courts of wire fraud in connection with federal charges that that he stole $23 million from clients.

According to the criminal indictment, Namvar is accused of stealing investment money, which was held in his now bankrupt Namco Financial Exchange Corp., from five clients over six months in 2008. He allegedly used the money to pay back investors of his main company, Namco Capital Group Inc., which also is bankrupt.

In the separate bankruptcy cases, 464 creditors of Namvar and his Namco Financial Exchange Corp. claim they are owed at least $866 million. Namco Financial Exchange functioned as an intermediary for investors wanting to buy and sell properties via tax-deferred exchanges.

Namvar, who is free on $300,000 bond, is scheduled to return to federal court for a status conference on Nov. 1.