Danny Porush, executive vice-president at Med-Care Diabetic & Medical Supplies Inc, inspired the character Donnie Azoff in the movie, The Wolf of Wall Street, which also starred Leonardo DiCaprio.
Nearly a dozen FBI agents and local police closed entrances to Med-Care Diabetic on 14 January. An FBI spokesman told Reuters the agency was conducting "law enforcement activity in the vicinity".
The company was complying with the probe, its lawyer told Bloomberg. Med-Care was accused in a whistle-blower suit of participating in a scheme to submit false claims to Medicare.
A former telemarketer at a firm that worked with Med-Care alleged in a lawsuit last year that the company along with some employees including Porush took part in a conspiracy to submit false claims to Medicare for items such as diabetic supplies, nebulizers, back braces and massage therapy devices.
Porush co-founded the now defunct brokerage firm Stratton Oakmont that was portrayed in The Wolf of Wall Street. The firm defrauded investors of more than $200m by pushing penny stocks and manipulating their prices.
In 2002, Porush was sentenced to four years in prison after he pleaded guilty to securities fraud and money laundering. He was released on probation in 2004.
Stratton Oakmont co-founder Jordan Belfort, whom DiCaprio played in the movie, was sentenced to 3.5 years in 2003.