The Colorado Division of Insurance has issued an Emergency Cease and Desist Order against Joseph Gorrocino for transacting bail bond business without a license.
The division launched an investigation after several complaints were received. The investigation revealed that, among other things, Gorrocino was providing misleading advertising, signing bail bonding documents and collecting consumer’s premium and cash collateral. He did not post the bonds for which he collected premium and cash collateral.
The Division’s records show that Gorrocino has never held a license to transact insurance business in the state of Colorado. He has failed to respond to the Insurance Commissioner’s order and has not provided the additional information that was requested. The Division is concerned that there may be additional Colorado consumers who have given money to Gorrocino for the posting of a bail bond and may not realize that bail bonding agents are required to be licensed and are regulated by the Division.
Consumers who have had bail bond dealings with Gorrocino are being urged to contact the Division for more information. A copy of the Emergency Cease and Desist order can be viewed on the Division’s website at http://www.dora.state.co.us/insurance/.
Consumers with questions about the Emergency Cease and Desist Order can call the Colorado Division of Insurance at 303-894-7490 (Denver Metro Area) or 800-930-3745.
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