TALLAHASSEE, Fla. – A Volusia County man is among five Florida residents who have been accused in a scheme to drain over $1 million from retirement funds for elderly retired Florida school district employees, according to the U.S. Attorney’s Office.
In a release on Friday, prosecutors said the conspiracy involved the following five suspects:
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- Ronald Vargas, 38 — Pleaded guilty to conspiracy to commit wire fraud, aggravated identity theft, and conspiracy to commit money laundering
- Sarina Levy, 34 — Pleaded guilty to conspiracy to commit wire fraud and aggravated identity theft
- Lambert Aguebor, 33 — Found guilty of conspiracy to commit wire fraud and conspiracy to commit money laundering
- Floyd Bostic, 42 — Found guilty 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
- Grace Aguebor, 36 — Pleaded guilty to conspiracy to commit wire fraud and aggravated identity theft
According to prosecutors, Vargas, of Osteen, helped put together the fraud scheme, having the victims’ retirement funds paid out to him and his conspirators.
“The defendants were involved in a conspiracy to steal retirement funds from participants in a retirement 401(k) savings program comprised largely of Florida school district employees or prior employees,” the release reads. “Between January 2022 and March 2022, Vargas, who worked for the company handling the retirement fund, conspired with the other defendants to have fraudulent withdraw forms faxed to the company requesting that the victims’ retirement funds be transferred to accounts controlled by members of the conspiracy.”
In total, prosecutors said that the defendants stole $1.1 million, either by withdrawing or attempting to withdraw retirement funds from 25 different 401(k) accounts.
Sentencing hearings for all of the defendants are scheduled for April 28 at the U.S. Courthouse in Tallahassee, the release shows. Prosecutors said that they face up to 20 years in prison and up to three years on supervised release for conspiracy to commit wire fraud.
In addition, the release urges anyone who is at least 60 years old and has experienced financial fraud to call the National Elder Fraud Hotline at (833) 372-8311.