PORTLAND — The owner of two Oregon coastal art galleries is charged with nine counts of wire fraud for allegedly operating a Ponzi scheme prosecutors say cost about 100 investors some $3.2 million.

Donald Dean Seybold owns the Ernst and Ernst Collector’s Gallery in Seaside and Cannon Beach.

He is charged in an indictment with defrauding investors by falsely saying he was buying and reselling art on their behalf for a profit beginning in about 2004.

The indictment says the art and supposed buyers were fictitious and that he used new investments to pay earlier investors.

Seybold, who is 36, was arrested Thursday in Seaside and pleaded not guilty to all charges Friday in federal court in Portland.

Trial is set for July 14.