COLUMBIA - The former chairman and chief executive of HomeGold remained free on bail Monday after he pleaded not guilty to charges of securities fraud and conspiracy in connection with one of the biggest bankruptcies in South Carolina history.

Jack Sterling, 68, appeared at a hearing to face charges that he lied to investors about the company's health, and rewarded employees who misled investors. He also is accused of continuing to market securities of HomeGold subsidiary Carolina Investors despite the company's deteriorating financial condition.

If convicted on all counts, Sterling faces a maximum of 25 years in prison and fines of more than $105,000.

Judge James W. Johnson Jr. set bail at $100,000 for Sterling, the same as others charged in HomeGold's collapse, and limited his travel. Sterling has to notify the state grand jury clerk if he plans to leave the state, and can go only to North Carolina and Georgia.