Commissioner Garamendi Urges Possible Victims to Contact his Department
COSTA MESA – An investigation by the California Department of Insurance (CDI) Investigation Division resulted today in the arrest of a Costa Mesa insurance agent.
William Earl Stone (AKA: Bill Stone), 58, 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 collected premium monies from three separate insured’s and a premium finance company and failed to place coverage and return the unearned premium monies.
“Mr. Stone’s illegal actions were abhorrent,” said Insurance Commissioner John Garamendi. “His clients put their trust in him when they paid for their insurance policies. Yet Mr. Stone left them completely vulnerable by failing to secure the insurance coverage they thought they paid for. His actions were reckless, illegal and a recipe for disaster.”
The California Department of Insurance urges all clients of William Stone that might be victims to please contact the CDI Santa Ana Investigation Division Office at (714) 558-4600.
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Please visit the Department of Insurance Web site at www.insurance.ca.gov.
Non media inquiries should be directed to the Consumer Hotline at 800.927.HELP. Callers from out of state, please dial 213.897.8921. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.
