The Louisiana Department of Insurance issued a cease and desist order to former bail bondsman Louis M. Marcotte, III, Bail Bonds Unlimited Inc. (BBU), and all Marcotte-related entities, for the second time in an eight-month period.
According to Commissioner of Insurance J. Robert Wooley, the latest C&D alleges that Marcotte failed to account for, or remit to another, premiums, monies or properties that came into his possession in the course of doing insurance business.
On March 4, 2004, any and all producer licenses of Marcotte and BBU were revoked per consent agreement. However, the C&D alleges that Marcotte continued to undertake actions in violation of the Louisiana Insurance Code.
The matter will be referred to Louisiana State Police.
Topics Louisiana
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