TALLAHASSEE, Fla. (CBS12) — Five individuals have been sentenced in connection with a multimillion-dollar conspiracy that defrauded Florida school employees of over $1.1 million from their retirement accounts.
Acting U.S. Attorney for the Northern District of Florida, Michelle Spaven, announced the sentencing, stating: “Americans are fed up with the constant barrage of scams that maliciously target the elderly… We are committed to aggressively prosecuting those who seek to steal the hard-earned savings of our senior citizens.”
The convicted fraudsters and their sentences are:
Lambert Aguebor, 33, of Miramar: 71 months in prison for conspiracy to commit wire fraud and money laundering.
Floyd Bostic, 42, of Tallahassee: 87 months for wire fraud, identity theft, money laundering, and running an unlicensed money transmitting business.
Grace Aguebor, 36, of Miramar: 70 months for wire fraud conspiracy and identity theft.
Ronald Vargas, 38, of Osteen: 24 months for wire fraud and laundering; he worked as a retirement specialist and helped initiate the scheme.
Sarina Levy, 34, of Pembroke Pines: 6 months and 1 day in prison, followed by 6 months of home detention, for wire fraud and identity theft.
Ronald Vargas, the insider, used his position at a Tallahassee-based retirement plan provider to access 401(k) accounts of former Florida school employees. He funneled stolen funds—over $1.1 million—to other co-conspirators, including Bostic and the Aguebors.
Investigators say Vargas moved over half of the stolen money into his personal bank accounts and a music promotion business, using the funds for personal expenses, business operations, and real estate. More than $400,000 was circulated through banks and ATMs to obscure the money trail.
Each defendant was also ordered to pay a total of $1 million in restitution and will face three years of supervised release following their imprisonment.
FBI Jacksonville’s Acting Special Agent in Charge, Jason J. Carley, commented: “Motivated by sheer greed, these individuals conspired to take advantage of Florida’s public servants. Their punishments mark an important step in holding these fraudsters accountable.”
If you or someone you know aged 60 or older has been a victim of financial fraud, help is available at the National Elder Fraud Hotline: 1-833-372-8311.
