TALLAHASSEE, Fla. — Five individuals have been convicted in a $1.1 million fraud scheme that targeted the 401(k) retirement accounts of elderly retired Florida school district employees, according to the U.S. Attorney’s Office for the Northern District of Florida.
Michelle Spaven, acting U.S. Attorney for the Northern District of Florida, announced that three defendants pleaded guilty, while two were convicted by a federal jury earlier this month following a six-day trial. The convicted individuals include Ronald Vargas, 38, of Osteen, Sarina Levy, 34, of Pembroke Pines, Lambert Aguebor, 33, of Miramar, Floyd Bostic, 42, of Tallahassee, and Grace Aguebor, 36, of Miramar.
According to prosecutors, Mr Vargas worked for the company handling the victims’ retirement funds and conspired with others to submit fraudulent withdrawal requests between January and March 2022. Investigators said the fraudulent forms directed victims’ 401(k) funds into accounts controlled by members of the conspiracy, with at least 25 accounts compromised and $1.1 million stolen…