Juan Francisco Ramirez, the former chairman of Nodus International Bank in Puerto Rico, has pleaded guilty to his role in a scheme that defrauded the bank of more than $13.6 million, ultimately leading to its collapse in 2023.
According to court documents, Ramirez, 60, from Miami, conspired with others to divert funds from Nodus for personal benefit. The group concealed from other board members and executives at Nodus, as well as the Office of the Commissioner of Financial Institutions of Puerto Rico (OCIF), that certain loans and investments were for Ramirez and an associate. These actions violated both Puerto Rican law and internal policies on insider transactions.
“The defendant abused his position as Chairman of the board of directors to fraudulently divert funds from the bank that he had been entrusted to run, resulting in the bank’s collapse,” said Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division. “The Criminal Division is committed to investigating and prosecuting white-collar fraudsters, no matter how lofty their position, to ensure their crimes do not pay.”
U.S. Attorney Jason A. Reding Quiñones for the Southern District of Florida commented: “Banks hold a sacred trust — the savings, investments, and livelihoods of the communities they serve. Ramirez abused that trust, siphoning millions for personal gain and leaving behind collapse and loss. The Southern District of Florida will hold corporate leaders accountable when they turn financial institutions into vehicles of fraud. Our Office will continue to protect investors, safeguard the integrity of the banking system, and defend the rule of law.”
Special Agent in Charge Emmanuel Gomez from IRS Criminal Investigation (IRS-CI) Miami added: “The Chairman’s fraud brought down more than a bank — it undermined public trust. IRS Criminal Investigation will continue to use our financial expertise to protect the integrity of the U.S. financial system.”
Between 2017 and 2023, Ramirez arranged for over $11 million from Nodus accounts to be invested with a Miami-based lender that would then loan those funds back to him and an accomplice for their own use. They attempted to hide these illegal transactions by disguising them as legitimate investments.
From January 2018 through September 2021, Ramirez also persuaded Nodus’s board and comptroller to approve buying at least 47 promissory notes worth about $25.3 million from a finance company he co-owned in Miami. Although these notes were meant to support loans for legitimate individuals or businesses, most proceeds went toward personal expenses such as third-party investments or paying off mortgages and credit cards.
In March 2023—after OCIF informed Nodus it intended to liquidate—the conspirators sold a portfolio valued at approximately $26 million comprised mostly of delinquent or unsecured loans from their finance company back to Nodus without regulatory approval. This transaction relieved their finance company’s debt arising from earlier promissory note purchases by Nodus between 2018-2021.
As part of his plea deal, Ramirez agreed to forfeiture totaling at least $13.6 million reflecting what he gained through this conspiracy.
Ramirez pleaded guilty to conspiracy to commit wire fraud; sentencing is pending with a possible maximum penalty of up to 20 years imprisonment under federal guidelines.
IRS-CI led the investigation while prosecution is being handled by attorneys Javier Urbina and Samir Paul (Justice Department Money Laundering & Asset Recovery Section) along with Assistant U.S. Attorney Felipe Plechac-Diaz (Southern District of Florida).
Further details can be found via www.flsd.uscourts.gov or http://pacer.flsd.uscourts.gov under case number 25-cr-20384.
