PROVIDENCE - An insurance broker doing business in town was sentenced Tuesday to 18 months in federal prison for fabricating applications for end-of-life insurance policies in clients’ names in order to collect $135,000 in commissions.
Our partners at The Sun Chronicle reported Bruno Francis Ragusa, 53, who operated Atlantic Coast Senior Solutions, Inc. on Route 1 in North Attleboro, was also sentenced in U.S. District Court in Providence to two years’ proabation following his release from prison, according to the Rhode Island U.S. attorney’s office.
David Linton reported in Wednesday’s edition of the paper Ragusa was also ordered to pay almost $70,380 to Great Western Insurance Co., an Iowa-based life carrier that paid him $136,956 in commissions.
The restitution represents the amount of funds that have not been recouped, the U.S. attorney’s office said.
Ragusa pleaded guilty on June 20 to wire fraud after admitting he submitted over 50 end-of-life insurance policy applications with the forged electronic signatures of clients and used their banking and personal information without their knowledge or authorization, according to the U.S. attorney’s office.
Great Western repaid the victims after they learned of the fraud, according to court records.
Ragusa was arrested March 12 and had been free on unsecured bond.
The case was investigated by the FBI with help from the U.S. attorney’s office in Boston and North Attleboro police.
