Costa Mesa Insurance Agent Arrested

An investigation by the California Department of Insurance Investigation Division resulted April 8 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 from the CDI Fraud Division. 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’s Office is prosecuting the case.

According to the CDI Investigation Division, 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.