Craig Martin, a longtime attorney with offices in Taunton and Falmouth, has been charged with bank fraud in federal court.

The U.S. Attorney’s office alleges that Martin improperly diverted mortgage loan funds from real estate closings using his attorney’s escrow account.

Last year, Martin closed his law practice and submitted his resignation to Massachusetts Board of Bar Overseers and the Massachusetts Supreme Judicial Court, admitting that he was unable to come up with $670,000 due to cover two closings. He was disbarred in November 2010.

The U.S. Attorney’s office alleges in a statement that far greater sums may have been misappropriated.

"As closing attorney, Martin was responsible for using the loan proceeds to pay off the existing mortgages on the properties," the office wrote. "But instead of paying off the existing mortgages, Martin diverted at least $3,005,445 in mortgage funds to other purposes and falsified the loan closing documents to conceal his misappropriation of the funds."

If convicted, Martin faces up to 30 years in prison and up to $2 million in fines.

Martin had been the general counsel for the Taunton Federal Credit Union and a corporator of Bristol County Savings Bank at the time of his resignation.