The owner of a Smithfield, N.C., insurance agency faces charges of embezzlement and exploiting disabled or elder trust for allegedly cheating a 90-year-old woman out of $168,176.

Charles Mark Hall, 50, the owner of Market Street Advisors, was recently arrested with more charges pending as investigators say the total losses to Market Street clients stands at $2.5 million, according to the North Carolina Department of Insurance.

In his role as a licensed insurance agent, Hall is accused of embezzling and converting to his own use three separate annuities belonging to the elderly woman. Hall also allegedly convinced the woman to sign surrender forms for her annuities, then took the money without her knowledge, consent or endorsement, according to arrest warrants.

The department’s criminal investigations division said additional charges are pending in the case as they seek information from additional victims of Market Street Advisors.

Hall has surrendered his agent’s license to the department’s agent services division.