News: 2007 Press Release

LOS ANGELES - Insurance Commissioner Steve Poizner announced today the arrest of a Los Angeles bail bondsman for not returning his client's money after the client was cleared of all charges.

According to California Department of Insurance investigators, Richard Kiperman, 60, owner of Kiperman Bail Bonds in Los Angeles, turned himself in to the Los Angeles Police Department West Hollywood station after being charged with one felony count of Grand Theft exceeding $100,000. Bail was set for $200,000.

"Mr. Kiperman had a responsibility to refund his client's money, and broke the law by refusing to do so," said Commissioner Poizner. "The irony is that as a result, the bail bondman needed to post his own bail."

Kiperman, doing business as Kiperman Bail Bonds, issued a $150,000 bail bond on behalf of the victim. Kiperman was paid $150,000 cash as collateral for the bond. When the victim was exonerated of all charges by the court, he immediately notified Kiperman and requested a refund of his $150,000. Kiperman allegedly avoided refunding the victim his collateral, going so far as to suggest investment opportunities to the victim. After repeated attempts by the victim to obtain a refund, Kiperman finally issued the victim two cashiers checks for $25,000 and $5,000. The remaining $120,000 was never refunded to the victim.

Richard Kiperman was arraigned on Friday, February 9, 2007, in Los Angeles Superior Court. The case was filed by the Los Angeles County District Attorney's Office.