Ronald Vargas, 38, of Osteen, Florida, pleaded guilty to conspiracy to commit wire fraud, aggravated identity theft, and conspiracy to commit money laundering. He was part of a group of five Florida residents who worked together to steal more than $1 million from the retirement accounts of 25 school district employees in the state. Vargas worked for the company that oversaw the 401(k) accounts, had access to employees’ personal information, and could process withdrawal requests.
He approved all the fraudulent withdrawal requests submitted by his co-conspirators. The other defendants include Floyd Bostic, 42, of Tallahassee, who was found guilty of conspiracy to commit wire fraud, aggravated identity theft, conspiracy to commit money laundering, and operating an unlicensed money-transmitting business. Lambert Aguebor, 33, of Miramar, was found guilty of conspiracy to commit wire fraud and conspiracy to commit money laundering.
Ufumwen “Grace” Aguebor, 36, of Miramar, pleaded guilty to conspiracy to commit wire fraud and aggravated identity theft, while Sarina Levy, 34, of Pembroke Pines, pleaded guilty to the exact charges.
Florida school employee fraud scheme
Once the fraudulent money was deposited into bank accounts held by the co-conspirators, it was primarily withdrawn as cash or cash equivalents.
Some of the money was used for personal, business, and luxury expenses and to buy property. Grace Aguebor reportedly spent much of the money on personal expenses and luxury items, including purchases at Louis Vuitton. Vargas received about $80,000 in cash for his role in the scheme.
The five defendants tried stealing more than $1,405,728.79 and succeeded in stealing $1,007,563.07. They are scheduled to be sentenced at the federal courthouse in Tallahassee on April 28. Suspected financial fraud against individuals 60 and older can be reported to the Justice Department at 1-833-372-8311, and fraud complaints can be reported online.
Image Credits: Photo by ThisisEngineering on Unsplash
