Idaho Falls bail agent ordered to surrender license

Idaho Falls bail agent Ryan James Smith has been ordered to surrender his bail agent license. The Idaho Department of Insurance also ordered Smith to pay an administrative penalty of $6,000 for breach of fiduciary duties and financial responsibility.

Smith was doing business as Atlas Bail Bonds. The department claims Smith violated Idaho Code when he collected collateral from a client and did not return it within a specified time frame. It also charges Smith co-mingled the funds by making multiple transfers between several bank accounts, both business and personal.

“Idaho Code requires that agents deposit funds collected from clients into trust accounts that are separate and apart from any other funds,” says Department Director Dean Cameron. “Co-mingling funds is a breach of trust and is serious misconduct on the part of an agent.”

You can see the entire order here.