A former fence repair contractor who faces a $2,000 fine over a $5.4 million missing fence in Mexico has pleaded not guilty.

    David Arce, who owns Arce’s Inc., is accused of failing to secure the missing $5 million fence before his company took over it in January.

    The U.S. Attorney’s Office in Texas says Arce was not at the fence’s construction site when the missing fence was added.

    A search warrant was served on the home in April and the $2.5 million was found, authorities say.

    Arce, 55, has pleaded guilty to conspiracy to commit wire fraud, theft by deception, and money laundering.

    He faces up to five years in prison and a $250,000 forfeiture.

    Arche, a longtime contractor for the National Guard, said he was shocked when he received the notice and had no idea the money would end up in the court file.

    “I’m very embarrassed and very disappointed, but I’m not going to back down,” he said in a phone interview from his home in Texas.

    Arve has worked at Arce Inc. for 18 years and has a net worth of more than $100 million.

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