BAIL BOND FIRMS SEND COUNTY $5.2 MILLION.Byline: Troy Anderson Staff Writer Two bail bond bail bond n. a bond provided by an insurance company through a bail bondsman acting as agent for the company, to secure the release from jail of an accused defendant pending trial. Usually there is a charge of 10 percent of the amount of the bond (e.g. $100 for a $1,000 bond) and often the defendant must put up some collateral like a second deed of trust or mortgage on one's house. companies, under investigation in an emerging industrywide scandal to avoid forfeitures Forfeiture The loss of an asset, or rights to an asset, as a result of defaulting on contractual obligations or conditions.Notes: The party who did not fulfill the required obligations must give up the asset, or cash flows from the asset, as a form of compensation for the resulting losses to the other party. See also: Asset, Credit Report, Default, Lien, Restricted Stock, Tangible New Worth involving hundreds of fugitives from justice, have sent checks totaling $5.2 million to Los Angeles County to pay off forfeiture debts, officials said Thursday. The District Attorney's Office, the state Department of Insurance and prosecutors throughout the state are probing allegations that some companies offer bail bonds without requiring adequate collateral, increasing the risk that suspects will flee, and then covering up instances when suspects have fled. Last month, the District Attorney's Office filed perjury and forgery charges against Bad Boys Bail Bonds paralegal Cindy Marie Abreu, 26, alleging she lied and forged court documents to persuade judges not to forfeit bail in five criminal cases. Abreu pleaded not guilty to the charges July 16. Investigators also suspect that some bail bond companies have made it easier for people to get bail because they charge less than the standard 10 percent commission. ``They take a smaller percentage, but they are also allowing bail agents to not be accountable for returning the defendant to court,'' District Attorney's Office special counsel Lael R. Rubin said. Officials estimate that uncollected bail forfeitures could total up to $26 million in the county and as much as $150 million statewide. In the first payment of debts owed, International Fidelity Insurance Co. & Allegheny Casualty Co. sent Rubin checks totaling $5.2 million from Harco National Insurance Co. and Aegis Security Insurance Co. to satisfy summary judgments on bonds executed through Capitol Bonding Corp. Troy Anderson, (213) 974-8985 troy.anderson(at)dailynews.com |
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