A sophisticated conspiracy that drained over $1.1 million from the 401(k) accounts of elderly retired Florida school district employees has resulted in the convictions of five defendants, announced Acting United States Attorney Michelle Spaven for the Northern District of Florida.
The complex scheme involved fraudulent withdrawal forms and money laundering, targeting the hard-earned retirement savings of vulnerable individuals. The defendants, Ronald Vargas, Sarina Levy, Lambert Aguebor, Floyd Bostic, and Grace Aguebor, participated in a conspiracy to steal retirement funds from a 401(k) savings program primarily consisting of Florida school district employees or former employees.
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Ronald Vargas, 38, of Osteen, pleaded guilty on August 21, 2024, to Conspiracy to Commit Wire Fraud, Aggravated Identity Theft, and Conspiracy to Commit Money Laundering. Sarina Levy, 34, of Pembroke Pines, pleaded guilty on August 8, 2024, to Conspiracy to Commit Wire Fraud and Aggravated Identity Theft. Grace Aguebor, 36, of Miramar, also pleaded guilty on February 6, 2025, to Conspiracy to Commit Wire Fraud and Aggravated Identity Theft.
Lambert Aguebor, 33, of Miramar, and Floyd Bostic, 42, of Tallahassee, faced a six-day federal jury trial, culminating in guilty verdicts on February 3, 2025. Lambert Aguebor was found guilty of Conspiracy to Commit Wire Fraud and Conspiracy to Commit Money Laundering.
Bostic was convicted of 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.
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Evidence presented during the trial and court records revealed that between January 2022 and March 2022, Vargas, who worked for the company managing the retirement fund, conspired with the other defendants to submit fraudulent withdrawal forms via fax.
These forms requested the transfer of victims’ retirement funds to accounts controlled by the conspirators. In total, they targeted 25 different 401(k) accounts, successfully stealing $1.1 million. Bostic was also found to have engaged in money laundering using the stolen funds.
Sentencing hearings for all five defendants are scheduled for April 28, 2025, at the United States Courthouse in Tallahassee before United States District Judge Robert L. Hinkle. Each defendant faces up to 20 years’ imprisonment and up to three years of supervised release for Conspiracy to Commit Wire Fraud. Vargas, Levy, Grace Aguebor, and Bostic face a mandatory minimum sentence of two years’ imprisonment, to be served consecutively to any other sentence.
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