A Florida hedge fund manager who disappeared while investigators closed in on him has pleaded not guilty to fraud.

Defense lawyer Mark Gombiner told a federal judge in Manhattan on Thursday that Arthur Nadel cannot make his $5 million bail.

Gombiner says the health of the 76-year-old is one issue warranting a bail reduction.

Nadel pleaded not guilty to securities, mail and wire fraud. The charges carry as many as 280 years in prison.

The government says Nadel enlisted more than 350 clients to invest more than $360 million.

Authorities say Nadel went on a two-week, cross-country trip before turning himself in on Jan. 27.