$5M in Bail Collateral Seized

The Colorado Division of Insurance issued a press release that stated it has seized collateral pledged to guarantee bail bonds from Amor Angel Portugal, aka Amor Angel Trujillo, a Colorado bail bonding agent and Heavenly Bail Bonds. The records contain consumers’ collateral, including promissory notes secured by deeds of trust to residential dwellings. The Division estimates the value of the collateral to be $5 million. The Division summarily suspended Portugal’s bail bonding agent license last year after receiving numerous consumer complaints regarding collateral that was pledged to guarantee bail bonds. A hearing on the suspension was held at the Office of Administrative Courts. The parties await the judge’s decision regarding finalizing Portugal’s suspension. After her license was suspended, the Division received information indicating that Freedom Enterprises, LLC and Lance Lemieux purchased the approximately $5 million in collateral. Lemieux and his company are not licensed by the Division and are forbidden from receiving collateral without a license under Colorado law. The Division issued an Emergency Order to Cease and Desist the Unauthorized Transaction of Insurance Business against Lemieux and Freedom Enterprises, LLC. The Division is working with local law enforcement agencies, the Attorney General’s Office and the insurance companies who underwrote the bail bonds posted by Portugal and her sub-agents to ensure the return of the consumers’ collateral. In many instances, Portugal took collateral in the form of deeds of trust which were made payable solely to her, precluding the insurance companies from releasing the deeds of trust to the consumer, upon discharge of the bonds by the courts.