Ex-real estate broker indicted on theft charges

Posted Jan. 24, 2010, at 10:34 a.m.

GARDINER, Maine — A former commercial real estate broker in Maine has been indicted for theft for allegedly raising money from investors for a nonexistent real estate development.

The Maine Securities Administration says Daniel Coyne of Yarmouth told investors their money would be combined with $50,000 of his own money to complete the development. But officials say Coyne knew there was no development and that he had no intention of putting in his own money.

Coyne’s real estate broker’s license was revoked by the Maine Real Estate Commission in 2008 in connection with the misuse of client escrow funds.

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