NEW YORK (AP)  -- A portfolio manager of a student loan company in New York City has been indicted on charges of embezzling more than $2.3 million.

Troy Hill, of Jersey City, N.J., pleaded not guilty Tuesday when he was arraigned in Manhattan's state Supreme Court on a grand larceny charge. The 34-year-old defendant faces up to 25 years in prison if convicted.

Manhattan prosecutors say Hill worked for MRU Holdings until February 2008 when he quit shortly after his last theft. They say that between October 2007 and January 2008 Hill transferred money for student loans from MRU bank accounts into his own accounts.

Prosecutors say company officials discovered Hill's thefts during an internal audit a few months after he quit and notified the district attorney's office.