Released: February 19, 2009

A Metairie bail bond agent has been arrested, served with a cease and desist order, notice of license revocation and fine today for misappropriation of premiums. His agency was also issued a cease and desist order and license revocation.

Troy Michael Sider, 33 was arrested by State Police in New Orleans today and served by Department of Insurance Fraud Section Investigators with a cease and desist order, notice of license revocation and a $2,000 fine for alleged misappropriation. His bail bond agency, Troy’s Bail bonds, L.L.C. and his trade names, #1 Anytime Bail Bond, A-1 Bail Bonds and Gretna Bail Bonds were also served in this action.

It is alleged that in February 2008, Sider dishonestly collected $2,500 in premiums from a client for a bail bond that was not necessary for the client’s release. He then failed to remit the premiums to an insurer for a bail bond or refund the premiums to the client.

Department records show that Sider held a Property and Casualty License from August 1994 until today’s action.

Commissioner Donelon urges consumers who feel uneasy about any insurance related transaction to call the Department of Insurance Fraud Section at 225-342-4956 or 1-800-259-5300. If callers do not want their names used, they can request that their involvement be kept confidential.