Five individuals have been sentenced in federal court after being convicted for their roles in a conspiracy to defraud the retirement accounts of elderly and retired Florida school district employees, announced Acting United States Attorney Michelle Spaven for the Northern District of Florida. The sentencings follow guilty pleas from three defendants and guilty verdicts for two others after a federal jury trial.
Lambert Aguebor, 33, of Miramar, Florida, received a sentence of 71 months in federal prison after a jury found him guilty of Conspiracy to Commit Wire Fraud and Conspiracy to Commit Money Laundering.
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Floyd Bostic, 42, of Tallahassee, Florida, was sentenced to 87 months in federal prison. He was previously found guilty by a jury on 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.
Grace Aguebor, 36, of Miramar, Florida, was sentenced to 70 months in federal prison after pleading guilty to Conspiracy to Commit Wire Fraud and Aggravated Identity Theft.
Ronald Vargas, 38, of Osteen, Florida, received a sentence of 24 months in federal prison after pleading guilty to Conspiracy to Commit Wire Fraud, Aggravated Identity Theft, and Conspiracy to Commit Money Laundering.
Sarina Levy, 34, of Pembroke Pines, Florida, was sentenced to 6 months and 1 day in federal prison, followed by 6 months of home detention, after pleading guilty to Conspiracy to Commit Wire Fraud and Aggravated Identity Theft.
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“Americans are fed up with the constant barrage of scams that maliciously target the elderly,” stated Acting United States Attorney Spaven. “With the assistance of our dedicated law enforcement partners, we are committed to investigating and aggressively prosecuting those who seek to steal the hard-earned savings of our senior citizens.”
Court documents and evidence presented at trial revealed that Ronald Vargas, while working as a Retirement Specialist at a Tallahassee-based company administering a 401(k) savings program for Florida school district employees and retirees, conspired with Grace and Lambert Aguebor between January 2022 and March 2022. Vargas exploited his position to access the personally identifiable information (PII) of elderly retirees, some of whom were deceased. He then provided this information to Grace and Lambert Aguebor, enabling them to prepare fraudulent withdrawal request forms.
These fraudulent forms were subsequently faxed to Vargas’s workplace for processing. Evidence showed that Grace Aguebor and Bostic personally faxed some forms, while others were given to conspirators, including Levy, to transmit. Once processed by Vargas, the stolen retirement funds were transferred to bank accounts controlled by Grace Aguebor, Bostic, and other individuals involved in the scheme. In total, the conspiracy resulted in the withdrawal and attempted withdrawal of funds from 25 different 401(k) accounts, with a net loss of $1.1 million.
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Further evidence presented to the jury demonstrated Bostic’s role as a money launderer, receiving over half of the stolen funds into his personal and business accounts. He then engaged in transferring funds between accounts in an attempt to conceal their origin. Bostic also used the stolen money to purchase a residence and cover personal and business expenses, and withdrew over $400,000 in cash. The jury also saw evidence of communication and coordination between Bostic and Lambert Aguebor regarding the transfer of stolen funds and arranging meetings.
In addition to their prison sentences, the defendants were ordered to pay approximately $1,000,000 in restitution to the victims. Following their imprisonment, each defendant will also serve three years of supervised release.
This case was the result of a joint investigation by the Tallahassee Police Department and the Federal Bureau of Investigation. Assistant United States Attorney Justin M. Keen served as the prosecutor.
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“Motivated by sheer greed, these individuals conspired to take advantage of Florida’s public servants, and their punishments mark an important step in holding these fraudsters accountable,” said FBI Jacksonville Acting Special Agent in Charge Jason J. Carley. “Fraud and corruption pose a fundamental threat to our national security and our way of life, and the FBI and our partners will continue to identify and bring to justice anyone who takes advantage of hardworking Americans, and especially educators who dedicate their lives to supporting our children.”
Tallahassee Police Chief Lawrence Revell added, “As law enforcement professionals, it is our duty to protect our community, especially our most vulnerable members, from those who seek to exploit them for personal gain. This case is a clear example of how greed can drive individuals to harm others, and we remain committed to working alongside our federal partners to ensure those who commit such crimes are held accountable.”
Authorities remind the public that if you or someone you know is age 60 or older and has experienced financial fraud, help is available through the National Elder Fraud Hotline at 1-833-FRAUD-11 (1-833-372-8311).
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