Maine’s Office of Securities Announces Indictment of Former Real Estate Broker
January 25, 2010 – (RealEstateRama) — Maine Securities Administrator Judith Shaw announced today that a Cumberland County Grand Jury recently [1/8/10] returned a one count indictment charging former Yarmouth commercial real estate broker Daniel J. Coyne with Class B theft by deception in connection with his raising money to finance an allegedly non-existent real estate development.
Coyne is charged with intentionally deceiving investors that their money would be combined with $50,000 of his own funds to complete a real estate development project. Coyne allegedly knew that there was no such project and that he had no intent to invest any money of his own.
The case was investigated by the Office of Securities and is being prosecuted by the Attorney General’s Office.
Coyne’s real estate broker’s license was revoked by the Maine Real Estate Commission in December of 2008 in connection with the misuse of client escrow funds.
Securities Administrator Shaw commented, “This indictment underscores the importance for consumers and investors to thoroughly check out sales pitches before deciding to invest, whatever the nature of the investment.” Shaw added, “Be sure to check the background and licensure of any individual offering an investment or other financial arrangement, especially if the return on the investment seems too good to be true.”
Maine investors and consumers are encouraged to call the Office of Securities toll-free at 1-877-624-8551 to check on those selling investments and to report potential illegal activities. The Office of Securities’ website is located at www.investors.maine.gov.
The Office of Securities is part of Maine’s Department of Professional and Financial Regulation, which encourages sound ethical business practices through the regulation of insurers, financial institutions, creditors, investment providers, and numerous professions and occupations, including real estate professionals, for the purpose of protecting the citizens of Maine. Consumers can learn more about the Department online at www.maine.gov/pfr.
