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Two Salt Lake County brothers were arraigned on fraud charges Monday 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 in 3rd District Court to money-laundering and fraud charges, second-degree felonies, involving their effort to convert Elk Meadows ski resort outside of Beaver into Mount Holly Club. They were bound over for trial Feb. 7 by Judge Vernice Trease.

Marc Sessions Jenson, 52, formerly of Holladay, is accused of failing to inform investors of his checkered past and previous bankruptcy. He is already being held in the Beaver County Jail for failing to pay $4 million to victims of an earlier fraud. His lawyer, Brent Burningham, said he withdrew Monday because he hadn't been compensated and that Marc Jenson will get a public defender.

Stephen Jenson, 47, of Sandy, is facing 11 counts of fraud and money laundering involving funds moved between different accounts created by the brothers.

The Jensons said they tried to turn Elk Meadows into a legitimate millionaires' club but were defeated when a big investor dropped out.

The ski area is now being run as Eagle Point Resort by managers of a former hedge fund that acquired it out of bankruptcy.

The Salt Lake Tribune contributed to this article.

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