Adviser arrested after allegedly looting a 90-year-old woman's annuities

A North Carolina insurance agent and former registered representative was arrested yesterday and faces embezzlement charges for allegedly duping a 90-year-old woman into signing away her annuities. Charles Mark Hall, owner of Market Street Advisors LLC, allegedly converted to his own use three separate annuities worth a total of $168,176 that belonged to a 90-year-old woman, according to a statement from the North Carolina Department of Insurance. He allegedly convinced the investor to sign surrender forms for the annuities, and he then took the money without her knowledge or consent. The victim was not identified. The criminal investigations division of the state's insurance department is still interviewing other investors at the firm and more charges may be filed. Victims' losses so far total to $2.5 million. Mr. Hall was processed at the Johnson County sheriff's office and held on a $50,000 secured bond. He has also surrendered his insurance license. Mr. Hall isn't currently registered with the Financial Industry Regulatory Authority Inc. and his Finra BrokerCheck records reveal a handful of consumer disputes. In 2003, a pair of clients took him to arbitration when he was working for Hilliard Lyons. The clients charged Mr. Hall with negligence, breach of fiduciary duty and negligent misrepresentation when recommending a mutual fund. The claimants received $39,460 in damages, plus interest. A second dispute in which the client alleged that Mr. Hall sold him an unsuitable mutual fund and engaged in unauthorized trading, yielded another $45,000 settlement. Mr. Hall was terminated from Cantella & Co. Inc. last month, following allegations of misappropriating customer funds, violating firm policy on borrowing money from clients, and forging a bank statement as a cover-up, according to BrokerCheck. That action also involved a variable annuity sale. Market Street Advisors is forwarding all inquiries to Cantella. A call to Cantella seeking comment wasn't immediately returned.