In a significant federal case, five individuals have been sentenced for their roles in a conspiracy that defrauded retired school district employees in Florida of over $1 million from their 401(k) accounts. The scheme exploited personal information to process fraudulent withdrawal requests, leading to convictions on multiple charges, including wire fraud, money laundering, and identity theft.
The convicted individuals are:
- Lambert Aguebor, 33, of Miramar, Florida: Sentenced to 71 months in federal prison.
- Floyd Bostic, 42, of Tallahassee, Florida: Sentenced to 87 months in federal prison.
- Grace Aguebor, 36, of Miramar, Florida: Sentenced to 70 months in federal prison.
- Ronald Vargas, 38, of Osteen, Florida: Sentenced to 24 months in federal prison.
- Sarina Levy, 34, of Pembroke Pines, Florida: Sentenced to 6 months and 1 day in federal prison, followed by 6 months of home detention.
The conspiracy involved accessing the personal information of deceased or inactive retired employees to submit fraudulent withdrawal requests. These requests were processed by Vargas, who worked for the company administering the retirement fund. The stolen funds were then laundered through various financial transactions, including cash withdrawals and purchases.
The total amount stolen was approximately $1.1 million, affecting 25 different 401(k) accounts. In addition to their prison sentences, the defendants were ordered to pay restitution totaling approximately $1 million to the victims.
This case highlights the vulnerability of retirement accounts to fraud and the importance of safeguarding personal information. It also underscores the commitment of federal authorities to investigate and prosecute financial crimes targeting vulnerable populations.
For more information on elder fraud and resources available to victims, visit the Justice Department’s Elder Justice page.
