TALLAHASSEE, Fla. — Five individuals have been sentenced in federal court for stealing more than $1 million from the retirement accounts of elderly and retired Florida school district employees, according to the U.S. Attorney’s Office for the Northern District of Florida.
Lambert Aguebor, 33, and Grace Aguebor, 36, both of Miramar; Floyd Bostic, 42, of Tallahassee; Ronald Vargas, 38, of Osteen; and Sarina Levy, 34, of Pembroke Pines, were sentenced after being convicted of a wide-ranging conspiracy to commit wire fraud, identity theft, and money laundering.
The case centered on Vargas, a former retirement specialist at a Tallahassee-based company that administered 401(k) plans primarily for public school employees. Mr Vargas is said to have used his access to personally identifiable information to help co-conspirators submit fraudulent withdrawal requests on dormant or deceased retirees’ accounts.
Court records show Vargas provided sensitive data to Mr Aguebor and Ms Aguebor, who then prepared the fraudulent paperwork. The forms were faxed to the company by multiple conspirators, including Levy and Bostic, prosecutors said. Once processed, funds were directed to accounts controlled by the defendants.
Mr Bostic reportedly served as the group’s primary money launderer. He is said to have received over half the stolen funds, used some to purchase a home, and withdrew more than $400,000 in cash from banks and ATMs in Tallahassee and central Florida. Evidence showed that Bostic regularly coordinated with Mr Aguebor to manage the distribution of stolen money.
“These individuals conspired to take advantage of Florida’s public servants,” said FBI Jacksonville Acting Special Agent in Charge Jason J. Carley.
“Their punishments mark an important step in holding these fraudsters accountable.”
In total, the group stole or attempted to steal retirement funds from 25 accounts, netting approximately $1.1 million. Each defendant was sentenced to prison and ordered to pay restitution of approximately $1 million to the victims.
The defendants received the following sentences:
- Bostic: 87 months
- Aguebor: 71 months
- Aguebor: 70 months
- Vargas: 24 months
- Levy: 6 months and 1 day, followed by 6 months of home detention
“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,” Mr Carley added.
“This case is a clear example of how greed can drive individuals to harm others,” said Chief Lawrence Revell of the Tallahassee Police Department.
“We remain committed to working alongside our federal partners to ensure those who commit such crimes are held accountable.”
The Tallahassee Police Department and the FBI investigated the case. Assistant U.S. Attorney Justin M. Keen prosecuted it.
