Acting United States Attorney Michelle Spaven for the Northern District of Florida recently announced the convictions of five defendants involved in a complex conspiracy. This scheme targeted elderly retired Florida school district employees and managed to drain an astonishing $1.1 million from their 401(k) accounts.
The defendants, Ronald Vargas, Sarina Levy, Lambert Aguebor, Floyd Bostic, and Grace Aguebor, were involved in a complex scheme that aimed to defraud vulnerable individuals and launder money. Their target was the retirement savings of hard-working individuals, specifically those who were part of a 401(k) savings program primarily made up of Florida school district employees or former employees. The scheme involved the use of fraudulent withdrawal forms and was a coordinated effort to steal these funds.
Ronald Vargas, 38, from Osteen, admitted guilt on August 21, 2024, for charges including Conspiracy to Commit Wire Fraud, Aggravated Identity Theft, and Conspiracy to Commit Money Laundering. Likewise, Sarina Levy, 34, hailing from Pembroke Pines, pled guilty on August 8, 2024, for the offenses of Conspiracy to Commit Wire Fraud and Aggravated Identity Theft. Additionally, Grace Aguebor, 36, residing in Miramar, also confessed on February 6, 2025, to participating in a Conspiracy to Commit Wire Fraud and Aggravated Identity Theft.
Lambert Aguebor, aged 33, from Miramar, and Floyd Bostic, aged 42, from Tallahassee, went through a six-day federal jury trial that ended with guilty verdicts on February 3, 2025. Lambert Aguebor was convicted of Conspiracy to Commit Wire Fraud and Conspiracy to Commit Money Laundering.
Bostic has been found guilty of several charges including Conspiracy to Commit Wire Fraud, three counts of Wire Fraud, Aggravated Identity Theft, Conspiracy to Commit Money Laundering, 16 counts of Money Laundering, and Operating an Unlicensed Money Transmitting Business.
During the trial and through court records, it was revealed that Vargas, an employee of the retirement fund management company, conspired with the other defendants to submit fraudulent withdrawal forms via fax. This occurred between January 2022 and March 2022.
The conspirators requested the transfer of victims’ retirement funds to accounts they controlled, successfully stealing $1.1 million from 25 different 401(k) accounts. Bostic was also discovered to have engaged in money laundering with the stolen funds.
The sentencing hearings for all five defendants will take place on April 28, 2025, at the United States Courthouse in Tallahassee. United States District Judge Robert L. Hinkle will preside over the hearings. If convicted of Conspiracy to Commit Wire Fraud, each defendant could be sentenced to a maximum of 20 years in prison and up to three years of supervised release. Additionally, Vargas, Levy, Grace Aguebor, and Bostic may face a mandatory minimum sentence of two years in prison, which would be served consecutively to any other sentence.