NORTH ATTLEBORO — A local self-employed insurance broker facing federal fraud and identity theft charges has an active license but is under investigation by the state Division of Insurance, a spokesperson confirmed Monday.
The investigation into the alleged activities of Bruno F. Ragusa, 53, began prior to his arrest by the FBI last Tuesday, the spokesperson said.
“Mr. Ragusa does currently have an active producer license. However, as this is an ongoing investigation, we cannot comment on the matter any further,” the spokesperson said in an email.
Ragusa is free on a $10,000 unsecured bond following an initial appearance last Tuesday in U.S. District Court in Providence. No plea was entered.
Ragusa, through his company Atlantic Coast Senior Solutions Inc. on Route 1, is alleged to have fraudulently obtained nearly $137,000 in sales commissions from Great Western Insurance Co., an Iowa-based life carrier.
About half the commissions were returned to Great Western when the policies were cancelled early, according to the U.S. attorney’s office.
Ragusa’s license to sell insurance in Rhode Island was revoked in November. In addition to Massachusetts, he also has an active license in Connecticut, according to the U.S. attorney’s office.
A public defender listed as representing Ragusa did not return an email or a phone call from The Sun Chronicle seeking comment on the allegations.
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