Five individuals have been convicted in a fraud scheme targeting the 401(k) accounts of elderly retired Florida school district employees. Michelle Spaven, Acting United States Attorney for the Northern District of Florida, announced that three defendants pleaded guilty while two were found guilty by a federal jury.
Ronald Vargas, 38, from Osteen, Florida, admitted guilt on August 21, 2024, to charges including conspiracy to commit wire fraud and aggravated identity theft. Sarina Levy, 34, from Pembroke Pines, Florida, also pleaded guilty on August 8, 2024.
Lambert Aguebor and Floyd Bostic were both found guilty by a federal jury on February 3, 2025. The jury convicted Lambert Aguebor of conspiracy to commit wire fraud and money laundering. Bostic was found guilty of multiple charges including conspiracy to commit wire fraud and operating an unlicensed money transmitting business.
Grace Aguebor confessed her involvement on February 6, 2025. Evidence presented during the trial showed that the defendants conspired to steal retirement funds between January and March 2022. Vargas worked for the company managing these funds and collaborated with others to withdraw funds through fraudulent means.
The sentencing hearings are scheduled for April 28, 2025. Each defendant faces up to twenty years in prison along with supervised release terms.
The convictions resulted from investigations by the Tallahassee Police Department and the FBI. Assistant United States Attorney Justin M. Keen prosecuted the case.
A hotline is available for those aged sixty or older who have experienced financial fraud: National Elder Fraud Hotline at 1-833-FRAUD-11 (1-833-372-8311). More resources can be accessed through various Justice Department websites dedicated to elder justice and consumer protection.
For additional information about public court documents or details about the U.S. Attorney’s Office for the Northern District of Florida visit their official website.