HONOLULU -- Investors are accusing a local businessman of running a Ponzi scheme by convincing people to invest in mainland real estate.

Daniel P. Doyle pleaded not guilty to theft on Monday. The state said Doyle did not pay his employees withholding taxes.

Doyle admitted committing fraud two years ago, but he did not stop despite accusations he was running a Ponzi scheme.

The Kailua real estate advisor pleaded not guilty on Monday to theft from the state. Officials said he did not pay at least $40,000 in company withholding taxes.

Carl Jonas, 75, said Doyle owes him a lot more than that.

"With the interest and all, about $1.5 million," Jonas said.

Jonas said he gave Doyle and a partner more than $230,000 10 years ago after going to Doyle's investment seminar.

Doyle is still actively seeking investors on the Internet and maintains an office in Kailua.

Jonas was one of several investors who said the real estate Doyle offered never came through, and Doyle used small payments to keep them hoping he would pay on his promises.

"Which I think in my own determination was like a Ponzi scheme, using my money to pay off other previous investors," Jonas said.

"Have you been running a Ponzi scheme all these years?" KITV reporter Daryl Huff asked. Doyle did not comment.

"He was running a scam. He was taking advantage of people trying to pretend that he was selling them real estate," Jonas said.

Two years ago, in an agreement with the state Department of Commerce, Doyle to agreed he had defrauded investors and promised to pay a $100,000 penalty. He has not paid that.

Doyle called later in the day and said he is no longer in the investment business. However, he said he is still developing real estate on the mainland.

Since being ordered not to sell securities he has been sued by three new investors and picked up six complaints on his now expired real estate license.