Porter Ranch bail agent charged after allegedly stealing over $53,000 meant for consumers’ bonds
News: 2020 Press Release
LOS ANGELES, Calif. — Licensed bail agent Frank Nagib Khallouf, 46, of Porter Ranch, was charged with six felony counts of grand theft after allegedly selling over $53,000 in bail surety bonds to consumers and misappropriating the money for his personal use. Khallouf self-surrendered today to the Los Angeles County District Attorney’s Office in Van Nuys.
The California Department of Insurance launched an investigation after receiving two separate complaints from consumers who had given money to Khallouf, doing business as Emergency Rescue Bail Bonds and MBBA Enterprise LLC., for bail surety bonds that were never secured.
The investigation revealed Khallouf sold bail surety bonds to these consumers, but failed to procure them. Khallouf misappropriated the money he received for the bail surety bonds for his own personal use. His alleged theft resulted in a $53,900 loss to these two consumers and four others who helped one of the consumers pay for the bond.
Khallouf’s bail agent license is currently inactive. His bail was set at $120,000. This case is being prosecuted by the Los Angeles County District Attorney’s Office.
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $310 billion in premiums annually in California. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $469 million in claims and premiums. Please visit the Department of Insurance website at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800-927-4357. Teletypewriter (TTY), please dial 800-482-4833.