Insurer suspected of grand theft

A Costa Mesa insurance agent was arrested Friday on suspicion that he

charged customers insurance premiums and never ordered their

coverage.

Investigators from the California Department of Insurance arrested

William Earl Stone, 58, at his office Friday. Stone operates Summit

Insurance General Agents & Brokers Inc. in the 3700 block of Susan

Street in Costa Mesa.

He was charged with four counts of grand theft, officials said.

The arrest came after an investigation by the California

Department of Insurance. Investigators allege Stone collected money

from three people for insurance and from a premium finance company

and did not return the money or place policies for them.

Stone is being held in Orange County Jail, with bail set at

$30,000.