Clearwater, Florida -- A Clearwater woman was sentenced to 12 months in federal prison Tuesday, to be followed by 3 years of supervised release, for conspiring to commit federal student financial aid fraud.
According to the plea agreement, around January 2006, Shaneva Boyd's husband and co-conspirator James Boyd formed St. Pete-based company Graduate Assistance and Consolidations, Inc. (GAC). Investigators say GAC purported to be in business of assisting individuals with applying for federal student financial aid.
Between late 2005 and August 2007, while Shaneva was serving as the secretary of GAC, the pair used their company to carry out a student loan fraud scheme by helping individuals who had neither a high school diploma, nor a GED, fraudulently enroll for admission at St. Pete College and then fraudulently apply for federal student financial aid.
During the course of the scheme, Boyd made false statements on student financial aid forms and directed dozens of financial aid checks for various individuals to be mailed to addresses associated with GAC. Boyd and her husband would then keep a substantial portion of the money.
As part of her sentence, Boyd was ordered to pay over $75,000 in restitution and to forfeit $70,000 in substitute assets. She pleaded guilty in August 2012.
On Oct. 23, Boyd, 40, pleaded guilty to conspiring to commit student loan fraud, committing student loan fraud and aggravated identity theft. He is scheduled to be sentenced on Jan. 13, 2013.