Tallahassee, FL – Five individuals have been sentenced for their involvement in a scheme to defraud the retirement accounts of elderly and retired Florida school district employees. The sentencing follows a guilty plea from three defendants and a federal jury conviction for two others.
Lambert Aguebor, 33, from Miramar, received a 71-month prison sentence for conspiracy to commit wire fraud and money laundering. Floyd Bostic, 42, from Tallahassee, was sentenced to 87 months for multiple charges, including wire fraud, identity theft, and operating an unlicensed money-transmitting business. Grace Aguebor, 36, also from Miramar, received a 70-month sentence after pleading guilty to conspiracy to commit wire fraud and identity theft. Ronald Vargas, 38, from Osteen, was sentenced to 24 months for similar charges, while Sarina Levy, 34, from Pembroke Pines, was sentenced to six months and one day, followed by home detention, for her role in the conspiracy.
The scheme, which spanned from January to March 2022, involved stealing retirement funds from the accounts of elderly retired school district employees, some of whom were deceased. Ronald Vargas, a retirement specialist in Tallahassee, exploited his access to the retirees’ personal information to facilitate fraudulent withdrawal requests. These requests were processed, allowing the conspirators to siphon funds into accounts they controlled, ultimately stealing approximately $1.1 million from 25 different accounts.
Bostic, who played a significant role in laundering the stolen funds, received more than half of the total amount into his personal and business accounts. He used the funds for personal expenses and to purchase a residence, while also withdrawing large sums in cash.
In addition to their prison terms, the defendants must collectively pay around $1 million in restitution to the victims. Following their prison sentences, they will be subject to three years of supervised release.
This case was the result of a collaborative investigation by the Tallahassee Police Department and the Federal Bureau of Investigation. “These individuals exploited Florida’s public servants for personal gain, and their sentences reflect the seriousness of their crimes,” said FBI Jacksonville Acting Special Agent in Charge, Jason J. Carley. “Fraud and corruption are threats to our national security, and we will continue to bring those who exploit hardworking Americans to justice.”
Chief Lawrence Revell of the Tallahassee Police Department emphasized the importance of protecting vulnerable community members from exploitation. “This case exemplifies the destructive power of greed, and we remain dedicated to holding such criminals accountable,” he stated.
For those aged 60 or older who have experienced financial fraud, the National Elder Fraud Hotline at 1-833-372-8311 offers support and guidance. The hotline operates Monday through Friday from 10:00 a.m. to 6:00 p.m. ET, providing assistance in multiple languages.
For more information about elder fraud prevention and resources, visit the Department of Justice’s Elder Justice website or the Consumer Protection Branch. Complaints can also be filed with the Federal Trade Commission at www.reportfraud.ftc.gov or by calling 877-FTC-HELP.