Juan Francisco Ramirez, the former chairman of the board at Nodus International Bank in Puerto Rico, pleaded guilty on September 22 to his involvement in a wire fraud conspiracy that resulted in losses exceeding $13.6 million and led to the bank’s collapse in 2023.
According to court records, Ramirez, 60, of Miami, worked with others to take money from Nodus by hiding from other board members, executives, and the Office of the Commissioner of Financial Institutions of Puerto Rico (OCIF) that certain investments or loans were for his own benefit and that of a co-conspirator. These actions violated both Puerto Rican law and Nodus policies regarding 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 stated: “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 of 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 conspired with others to direct over $11 million from Nodus into a Miami-based lender so those funds could be loaned back for his own benefit and that of a co-conspirator. He took steps with others to disguise these illegal transactions as legitimate investments by Nodus.
From January 2018 through September 2021, Ramirez also convinced Nodus’s board and comptroller to buy at least 47 promissory notes totaling about $25.3 million from a finance company he jointly owned with his co-conspirator. While these notes appeared intended for legitimate borrowers or businesses, Ramirez used much of this money for personal investments in third-party companies as well as paying off mortgages and credit card expenses.
In March 2023, OCIF notified Nodus it would be placed into liquidation; later that month Nodus agreed to voluntary liquidation. Before this process began officially—and without OCIF authorization—Ramirez arranged for Nodus to purchase a loan portfolio worth approximately $26 million from his Miami-based finance company despite most loans being delinquent or uncollateralized. This move relieved his company’s debt obligation arising from previously purchased promissory notes.
As part of his plea deal, Ramirez agreed to forfeiture amounting to at least $13.6 million representing proceeds he gained from this scheme.
Ramirez admitted guilt on one count of conspiracy to commit wire fraud; sentencing is pending before a federal district judge who will consider U.S. Sentencing Guidelines along with statutory factors before imposing up to 20 years’ imprisonment.
IRS-CI conducted the investigation while Trial Attorneys Javier Urbina and Samir Paul (Money Laundering and Asset Recovery Section), Bank Integrity Unit, together with Assistant U.S. Attorney Felipe Plechac-Diaz (Southern District of Florida), are prosecuting.
Further information about related court documents can be found on www.flsd.uscourts.gov or http://pacer.flsd.uscourts.gov under case number 25-cr-20384.
