LIHU'E, Kaua'i — Jon F. Anderton of Anahola was arraigned and pleaded not guilty yesterday to seven counts of first-degree theft before Circuit Court Judge Randal Valenciano.

Anderton, 53, is alleged to have stolen more than $1 million from four victims, according to a news release from the state attorney general's office.

Anderton, owner and president of Exchange Accommodators Inc., is accused of failing to make required payments of clients' funds to them or on behalf of them between May 30, 2006 and Sept. 30, 2008.

An exchange accommodator is someone who holds proceeds from a property sale for a client until the client finds a new property to buy, state Deputy Attorney General Christopher D. W. Young said. Such a transaction is governed by federal tax laws.

The attorney general's release said Anderton was unable to post $175,000 bail and that a trial is scheduled for Aug. 10 before Circuit Judge Kathleen Watanabe.

First-degree theft is a class B felony.