Bruno Francis Ragusa, the 53-year-old insurance broker from North Attleboro, Massachusetts charged with executing a fraudulent scheme to obtain tens of thousands of dollars in commissions from Great Western Insurance Company was sentenced on October 8, 2024, to 18 months in federal prison. This sentencing follows Ragusa’s guilty plea on the same day for wire fraud involving end-of-life insurance policies. It is a case that Agency Checklists has been following since April 2024.
Sentencing Details
U.S. District Court Judge William E. Smith handed down the following sentence:
- 18 months in federal prison
- Two years of federal supervised release following incarceration
- Restitution of $70,379.47 to the insurance company (interest waived)
- $100.00 special assessment fee
- No fine imposed
The Court’s sentence exceeded the U.S. Attorney’s recommendation of 12 months incarceration, with two years of supervised release, and restitution.
Sentencing and self-surrender on November 29, 2024
According to the court docket, the sentencing hearing took place on October 8, 2024. Key points from the proceedings include:
- A new plea agreement was signed and filed on the day of sentencing.
- There were no objections to the Pre-Sentence Report (PSR).
- The court outlined the advisory sentencing guideline calculations.
- Arguments were heard regarding the appropriate sentence.
- Ragusa exercised his right to allocution [Right to address the Court].
- The judgment includes a recommendation for Ragusa to be designated to a facility as close to Rhode Island as possible.
- Ragusa is ordered to self-surrender on November 29, 2024, by 2:00 PM to the Federal Prison Service.
- He was released on existing conditions pending his self-surrender.
The Fraudulent Scheme
According to the U.S. Attorney’s Office for the District of Rhode Island, Ragusa admitted to the following actions:
- Forging clients’ electronic signatures on more than 50 insurance policy applications
- Directing all policy correspondence to himself instead of the clients
- Using clients’ bank account information to make unauthorized payments for policies
- Failing to inform clients about policies purchased in their names
Financial Impact
The fraud resulted in:
- Ragusa collecting $136,956.56 in unearned insurance sales commissions
- The insurance company repaying individual victims whose funds were misused without permission
Case Background
Agency Checklists first reported on this case on April 1, 2024, in an article titled “North Attleboro Insurance Broker Charged with Fraud.” We provided an update on June 24, 2024, with “Insurance Broker in End-of-Life Policy Fraud Looking At 12-18 Months,” which accurately anticipated the sentencing range.
Prosecution and Investigation
The case was prosecuted by Assistant United States Attorney Milind M. Shah and investigated by the FBI. The U.S. Attorney’s Office acknowledged assistance from the United States Attorney’s Office for the District of Massachusetts, the North Attleboro Police Department, and the Rhode Island Department of Business Regulation in bringing Ragusa to justice.
