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.
Was this article valuable?
Here are more articles you may enjoy.
Charges Dropped Against ‘Poster Boy’ Contractor Accused of Insurance Fraud 
Cape Cod Faces Highest Snow Risk as New Coastal Storm Forms 
These Five Technologies Increase The Risk of Cyber Claims 
One out of 10 Cars Sold in Europe Is Now Made by a Chinese Brand 
Want to stay up to date?
Get the latest insurance news
sent straight to your inbox.