DOI News

For Immediate Release: Contact:
November 4, 2009 Kristin Milam
Johanna Royo
919-807-6011
 
New Charges in Market Street Advisors Investigation
 
RALEIGH -- Insurance Commissioner Wayne Goodwin today announced additional indictments in the criminal investigation of Charles Mark Hall, 50, 422 South Second St., Smithfield - 12 additional embezzlement indictments and two indictments of exploiting disabled or elder trust.
 
Additional charges may be pending. At this time, losses are an estimated $2.6 million. Hall remains in custody at the Johnston County Jail. Hall was initially arrested by Department investigators in September for alleged embezzlement of an elderly client's annuities totaling more than $168, 000. Hall is the owner of Market Street Advisors in Smithfield; he surrendered his agent license to the N.C. Department of Insurance in September.
 
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 --