A Fort Wayne title insurance broker whose license was suspended last month now faces criminal charges for allegedly misappropriating more than $2.7 million.

Thirty-six-year-old Joseph A. Garretson allegedly arranged mortgage refinancing loans but then failed to use the money to pay off the initial loans, causing mortgage holders to default.

Court documents state that at the time he was making such loans, Garretson had been barred by state officials from originating loans.

He faces felony charges in Allen County that include conversion or misappropriation of title insurance escrow funds and corrupt business influence.

If convicted of the most serious charge, Garretson could face between six and 20 years in prison.