WICHITA, Kan. (AP) — Two downtown Wichita developers deny allegations that their investors were defrauded.

The Wichita Eagle reports that David Lundberg and Michael Elzufon, proprietors of Real Development Corp., are in Sedgwick County court for a preliminary hearing this week on dozens of counts of fraud alleged by the Kansas securities commissioner.

Judge Ben Burgess says six days have been reserved for the proceedings before Burgess decides if the case will move to trial.

The charges were brought by the state Securities Commission, which says investors in the development company claim they’ve been defrauded. A commission official testified that the developers “misused” investors’ money.

But lawyers for Elzufon and Lundberg told the judge that investors were not defrauded, and that real estate investments are inherently risky.