Former Enron chairman and founder Mr Kenneth Lay has pleaded not guilty to criminal charges relating to the collapse of the energy giant.
He is accused of taking part in a "top-echelon" conspiracy to dupe investors about the company's finances in 2001.
Mr Lay, who was brought to a federal courthouse in handcuffs after surrendering to the FBI yesterday, denied the charges before US Magistrate Judge Mary Milloy. He was later released on $500,000 bail.
He was indicted by a federal grand jury on 11 criminal counts, including securities, wire and bank fraud and making false statements to banks.
The former friend and generous campaign donor to President George W Bush - who called him "Kenny Boy" - appeared relaxed and confident throughout the day, despite facing up to 175 years in prison and $5.75 million in fines if convicted on all counts.
At a press conference after his court appearance, with wife Linda seated behind him, a resolute Mr Lay said he was greatly saddened by the demise of the company he helped create in a 1985 merger and led for most of its history.
"The Enron collapse was an enormous tragedy. I continue to grieve, as does my family, over the loss of the company and my failure to be able to save it," he said. "But failure does not equate to a crime."
Mr Lay continued to blame former Enron chief financial officer Mr Andrew Fastow for the company's demise.