Real estate financier J. William Oldenberg was arraigned Thursday on a nine-count federal indictment alleging conspiracy to defraud a Utah-based savings and loan of $26.5 million.

Noting the case involved dealings five years ago, U.S. Magistrate Frederick J. Woelflen rejected a government request to set bond at $500,000 and allowed Oldenberg to remain free on his own recognizance pending trial on March 27.An indictment returned Jan. 26, 1988, named Ol-denberg, 50, former chairman and owner of State Savings and Loan Association in Salt Lake City; along with thrift officers James Rossetti, 52; Nicholas L. Muccino, 59, and Martin L. Mandel, 44. Rossetti, Muccino and Mandel were to be arraigned Friday.

The four are accused of misapplying $26.5 million in savings and loan funds, mail fraud, forging statements and lying to credit institutions in creating a 1984 real estate deal in which State Savings would buy a 363-acre development in Richmond, Calif.