News Summary
Five individuals have been convicted in a fraudulent scheme targeting the retirement accounts of elderly school district employees in Osteen, Florida. This scam, which swindled approximately 1.1 million dollars, involved the submission of false withdrawal requests for 401(k) accounts. Led by Ronald Vargas, the conspirators exploited their access to the retirement funds, affecting at least 25 accounts. With sentencing scheduled for April 28, this case highlights the urgent need for vigilance against elder fraud in our communities.
Osteen, Florida: A Shocking Fraud Case Unfolds
In a stunning turn of events that has left the Osteen community in disbelief, five individuals have been convicted in a brazen fraud scheme that targeted the retirement accounts of elderly Florida school district employees. This scheme, which has been estimated to have swindled a whopping 1.1 million dollars, highlights a serious issue of financial fraud, especially impacting those who have worked hard and saved diligently for their golden years.
Details of the Scheme
The announcement came from Michelle Spaven, the acting U.S. Attorney for the Northern District of Florida, shedding light on how deeply this fraudulent activity affected the lives of many. The culprits were involved in submitting fraudulent withdrawal requests for 401(k) retirement accounts that belonged to retired individuals from a local school district. This elaborate scam took place between January and March of 2022, and authorities have revealed that at least 25 retirement accounts were compromised.
Leading the charge was Ronald Vargas, 38, of Osteen, who worked for the very company managing these retirement funds. He conspired alongside four others to divert victims’ hard-earned money into accounts controlled by themselves. The process was deceitful and manipulative, redirecting funds that were meant to ensure a peaceful retirement.
The Convicted Individuals
- Ronald Vargas, 38, of Osteen
- Sarina Levy, 34, of Pembroke Pines
- Lambert Aguebor, 33, of Miramar
- Floyd Bostic, 42, of Tallahassee
- Grace Aguebor, 36, of Miramar
Three of these defendants pleaded guilty, while a federal jury found the others guilty after a six-day trial. Among the convicted was Floyd Bostic, who was also deemed guilty of money laundering tied to the stolen funds. It was a complex web of deceit that targeted some of the most vulnerable members of society—our elders.
Consequences Ahead
Now, all five of these individuals must prepare for an upcoming sentencing scheduled for April 28 at the U.S. Courthouse in Tallahassee. Each defendant faces the possibility of up to 20 years in prison for conspiracy to commit wire fraud. Additionally, some may be slapped with a mandatory minimum of two years for aggravated identity theft, which only adds to the gravity of this case.
A Call for Vigilance
This case serves as a stark reminder of the threat of elder fraud in our communities. Federal authorities, including the Tallahassee Police Department and the FBI, played a vital role in investigating this serious matter. As the legal system prepares to address the implications of this fraud scheme, other victims are encouraged to remain vigilant. Anyone who feels they might have fallen victim to similar scams can reach out for help. The National Elder Fraud Hotline is available at 1-833-372-8311, offering support and resources to those who need assistance.
Final Thoughts
As the dust begins to settle from this shocking scheme, it’s crucial for communities to come together to protect our elderly from financial predators. Knowledge and awareness can be powerful tools in combating fraud, ensuring individuals can enjoy their well-deserved retirements free from worry. It’s a disturbing tale, but one that serves as an important lesson in the need for vigilance in safeguarding our finances against scams.
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Additional Resources
- Florida Defendants Convicted in 401(k) Fraud Scheme
- City of Tallahassee Boosts Security Following $1 Million Theft
- Man Accused of Stealing $28,000 Worth of Electrical Wire
- Wikipedia: Fraud
- Encyclopedia Britannica: Fraud
Author: STAFF HERE TALLAHASSEE WRITER
The TALLAHASSEE STAFF WRITER represents the experienced team at HERETallahassee.com, your go-to source for actionable local news and information in Tallahassee, Leon County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Springtime Tallahassee, Tallahassee Jazz & Blues Festival, and LeMoyne Chain of Parks Art Festival. Our coverage extends to key organizations like the Greater Tallahassee Chamber of Commerce and United Way of the Big Bend, plus leading businesses in education, healthcare, and insurance that power the local economy such as Florida State University, Tallahassee Memorial HealthCare, and Capital Health Plan. As part of the broader HERE network, including HEREJacksonville.com, HEREOrlando.com, HEREStPetersburg.com, and HERETampa.com, we provide comprehensive, credible insights into Florida's dynamic landscape.
