DOI News

For Immediate Release: Contact:
September 22, 2009 Kristin Milam
Johanna Royo
919-807-6011
 
Owner of Market Street Advisors Arrested by N.C. Department of Insurance Investigators
Mark Hall charged with class C and G felonies, more charges pending
 
RALEIGH -- Insurance Commissioner Wayne Goodwin today announced the arrest of Charles Mark Hall, 50, 422 South Second St., Smithfield, on charges of embezzlement by an insurance agent and exploiting disabled or elder trust. Hall is the owner of Market Street Advisors in Smithfield. According to the arrest warrants, Hall in his role as a licensed insurance agent embezzled and converted to his own use three separate annuities totaling $168, 176.18. All three annuities belonged to a 90-year-old victim. Also, according to the warrants, Hall convinced the victim to sign surrender forms for her annuities and then took the money without her knowledge, consent or endorsement.
 
Additional charges are pending, and investigators from the N.C. Department of Insurance's Criminal Investigations Division are still seeking information from additional victims of Market Street Advisors. At this time, losses total $2.5 million. Hall was processed at the Johnson County Sheriff's Office and held on a $50,000 secured bond. He surrendered his agent's license to the Department's Agent Services Division.
 
"I'm proud of the quick and thorough work of my investigators in this case," said Insurance Commissioner Wayne Goodwin. "The money lost represents the hard work and savings of these honest people; we are doing everything we can to bring justice for them."
 
The Department of Insurance employs 20 sworn law enforcement officers dedicated to investigating claims of insurance fraud. So far in 2009, these criminal investigators have seen more than 241 cases successfully closed with more than $9.7 million in restitution and recoveries, 67 criminal convictions and 123 arrests and 92 cases pending in court.
 
An estimated 10 cents of every dollar paid in premiums goes toward the payment of fraudulent claims. To report suspected fraud, contact the Department of Insurance Investigations Division at (919) 807-6840. Callers may remain anonymous. Information is also available at the NC-DOI Web site.
 
-- NCDOI --