GARDINER — A former commercial real estate broker in Maine has been sentenced to 10 months in prison for raising money from investors for a nonexistent real estate development.

The Maine Securities Administration says Daniel Coyne of Yarmouth pleaded guilty today to theft by deception charges.

Coyne was given a four-year suspended sentence with 285 days to serve and one year of probation.

Authorities say Coyne solicited $50,000 from an investor, saying it would be combined with his own money to complete the development. But officials say Coyne knew there was no development and never intended to put in his own money.

As part of the sentence, Coyne also must undergo drug and alcohol treatment and pay back $50,000 to the victim.

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