YARMOUTH — A former commercial real estate broker was indicted Jan. 8 on a count of theft by deception.
A Cumberland County grand jury handed up the indictment charging Daniel J. Coyne with raising money to finance a real estate development that allegedly did not exist.
According to Judith Shaw, securities administrator in the Maine Office of Securities, Coyne was charged with deceiving investors by telling them their money would be combined with his own $50,000 to complete a real estate development project. In a statement released Jan. 20, Shaw said Coyne allegedly knew he would not invest any of his own funds.
Shaw’s office investigated the case, and it will be prosecuted by the Maine attorney general’s office.
Coyne’s real estate license was revoked in December 2008 by the Maine Real Estate Commission because of misuse of client escrow funds.
Shaw said Coyne’s case emphasizes the need for consumers and investors to check the background and license status of any individual offering financial investments, “especially if the return on the investment seems too good to be true.”
Residents are encouraged to call the Office of Securities at 877-624-8551 to research individuals or businesses selling investments or to report potential illegal activities.
Amy Anderson can be reached at 781-3661 ext. 110 or aanderson@theforecaster.net
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