Costa Mesa Insurance Agent Arrested

An investigation by CDI resulted in the arrest of a Costa Mesa insurance agent.

William Earl Stone was arrested at his Costa Mesa business office and transported to the Orange County Jail by investigators. Stone, president of Summit Insurance General Agents & Brokers Inc., was charged with four counts of grand theft, with bail set at $30,000. The Orange County District Attorney Office is prosecuting the case.

According to the CDI, Stone allegedly collected premium monies from three separate insureds and a premium finance company and failed to place coverage and return the unearned premium monies.