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| DA: Reading-based company's use of phony bail bonds... http://fugitiverecovery.com/forum/viewtopic.php?f=26&t=15885 |
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| Author: | SURETYRISKMANAGEMENT [ Fri 12 Dec 2014 13:17 ] |
| Post subject: | DA: Reading-based company's use of phony bail bonds... |
DA: Reading-based company's use of phony bail bonds 'rampant' throughout Pennsylvania http://m.wfmz.com/berks-regional-news/d ... a/30198416 |
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| Author: | tsuggs [ Fri 12 Dec 2014 18:19 ] |
| Post subject: | Re: DA: Reading-based company's use of phony bail bonds... |
Well, If we didn't already have enough bad PR......... I think I am going to open a used car lot. Oh, and this helps our image also. http://www.dnj.com/story/news/2014/12/1 ... /20286597/ |
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| Author: | ChuckJ [ Mon 15 Dec 2014 21:07 ] |
| Post subject: | Re: DA: Reading-based company's use of phony bail bonds... |
10 years ago Vince Smith was the CEO of Capitol Bonding, they and their posting agents wrote bonds in several states with little to no collateral, extremely poor underwriting etc... they went under and left many courts/counties with millions in forfeitures and Harco and other insurers were left holding the bag. The insurers formed a corporation called surety administrators inc for the sole purpose of clearing up these forfeitures, I was one of the fra"s they contracted with and i had a ton of work until the clock ran out. There are others here on the frn that did recovery work for capitol, if i remember correctly capitol stiffed some fra"s but surety administrators did pay as agreed. |
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| Author: | speezack [ Tue 16 Dec 2014 11:04 ] |
| Post subject: | Re: DA: Reading-based company's use of phony bail bonds... |
If I am reading all this correctly... at least one of these idiots did this in NJ and was known to the FEDS... so how could he enter PA and do the same thing for so long without anyone stopping him or his crew.... ???? |
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| Author: | tsuggs [ Tue 16 Dec 2014 14:58 ] |
| Post subject: | Re: DA: Reading-based company's use of phony bail bonds... |
I am at a lost also. If all the sureties knew about him and Capitol Bonding, why would any of them issue him any paper? I know he signed up agents in California that were not appointed by his surety company at the time. In one case they post a $1.5 million bond by stacking a $1million and a $500K power to bail out a Mexican drug guy. He skipped and they used all kinds of technical reasons to try and get off the bond but could not. Not sure who ended up paying that forfeiture. I guess the surety did. All this negative publicity is coming at the wrong time, not that there is ever a good time. But this is just giving the pre trial agencies more ammo to shoot us with. |
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| Author: | Yak [ Tue 16 Dec 2014 15:50 ] |
| Post subject: | Re: DA: Reading-based company's use of phony bail bonds... |
Bill, when he was kicked out of NJ, he resided in PA and was the principle / silent principle of a large food / produce market. This was the buzz from the many Hunters he screwed out of money. the authorities WERE informed of his actions as he got away with conviction and mucho money he owed the State. As Chuck said, I also did many many cases for Surety Administrators, the cases were endless until time ran out. These cases spanned many states as our good friend Max Astor from NC had a large caseload also.The Gentleman handling these cases for Sarco was Don Herbert, who also contributed on this site and was a very respected, honorable man. |
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