GARDINER (AP) – State officials say two Maine men have been indicted on theft charges stemming from allegations that they took money upfront from investors and failed to deliver on promises.

Maine Securities Administrator Judith Shaw announced Monday that Eric Murphy of Ellsworth was indicted on securities fraud, theft and forgery. The indictment alleges that Murphy took money from people to fund mortgage loans, but that he instead used the money for personal purposes and for his business, Murphy Home Loans.

Shaw said Donald Shields Jr. of Augusta has been indicted on four felony theft charges for allegedly soliciting payments from people seeking commercial loans after falsely representing that he could obtain the loans for them.