R. Allen Stanford pleaded not guilty on Thursday to charges that he bilked investors out of $7 billion.

“Not guilty, your Honor,” Stanford told U.S. Magistrate Judge Frances Stacy in a Houston Federal Court, according to Reuters.

Stanford, who was arrested last week by FBI agents in Virginia, was indicted by a Houston grand jury on 21 counts, of conspiracy, fraud and obstruction of Justices.

Stanford had been Chairman of Antigua-based Stanford Financial Group.

He was also charged along with several Stanford executives and an Antigua regulator.