Can You Get a Bail Bond For a Financial Crime?
Bail Bond For a Financial Crime
If you’re accused of a financial crime, like insider trading or money laundering, bail can be an issue. Many people who are arrested don’t have the resources to pay their bail amount in order to remain out of jail until their trial date. This can cause them to lose their job, housing, and children’s care, among other things.
However, there is an alternative to paying the entire bail amount, and it’s called a bail bond. bail bonds are financial pledges made to the court by a third party that guarantees the accused person will attend their trial. They are typically set in large amounts because the courts want the defendant or their loved ones to have a strong incentive to return to court. Studies show that setting bail has no effect on whether the accused shows up for their court appearances, but the judges don’t always follow this advice.
A bail agent can be hired to write a bail bond on behalf of an accused individual, who then pays a non-refundable fee to the bonding company for the service. This fee is set by law and is typically 10% or less of the full bond amount. For example, if the bail amount is $10,000, the bonding company will charge a $1,000 fee. The bondsman will also require a piece of collateral, which is usually something valuable, like a car or property, to post the bond on your behalf. This collateral is returned to the defendant once the case has concluded and they receive their money back from the court.
Can You Get a Bail Bond For a Financial Crime?
Defendants can also contact their family or friends to post a cash or surety bond for them. A cash bond involves the defendant directly paying the amount to the bail agent. A surety bond is similar, but the bail agent will hold the accused’s personal information and their family or friends will put up property, such as a house, as security for the bail bond. This way, if the defendant fails to appear for their court dates, the bail agent will be able to locate them and recover the property.
In addition to posting a bond, the accused person may be eligible for a “citation release.” This is a form of release from custody that can be granted if the judge doesn’t believe they pose a threat to the community or are a flight risk. A citation release can be used for minor crimes, but it’s important to note that this type of release will not be valid in federal cases.
Regardless of which kind of bond is posted, the accused person should make every effort to attend their trial dates. If they don’t, the bail agent will not only hire bounty hunters to locate them, but they can sue the defendant and their family or friends for any unpaid fees. This is why it’s important that the accused understands the details of their case and the charges they face so that they aren’t caught off guard if they have to miss court.