Juan Francisco Ramirez, Wire Fraud, Florida 2024
Defendant Abuses Position to Loot Bank, Leaves Behind Collapse and Loss
Juan Francisco Ramirez, 60, of Miami, Florida, the former chairman of the board of Nodus International Bank (Nodus), a Puerto Rican international banking entity, pleaded guilty today for his role in leading a scheme to fraudulently obtain more than $13.6 million from Nodus, which ultimately led to the bank’s failure in 2023.
“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 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.”
According to court documents, Ramirez conspired with others to siphon money from Nodus. Ramirez and a co-conspirator concealed from other Nodus board members and executives, and the bank’s regulator — the Office of the Commissioner of Financial Institutions of Puerto Rico (OCIF) — that certain investments or loans were for the benefit of Ramirez and a co-conspirator, in violation of Puerto Rican law and Nodus policy regarding insider transactions.
From 2017 to 2023, Ramirez conspired with others to invest more than $11 million of Nodus’s funds in a Miami-based lender so that it could loan those funds to Ramirez and a co-conspirator for their own benefit. Ramirez and his co-conspirators knew that these transactions were illegal and took steps to conceal their prohibited nature by having the bank make sham investments in the lending entity.
Ramirez pleaded guilty to conspiracy to commit wire fraud and faces a maximum penalty of 20 years in prison. As part of his plea agreement, Ramirez agreed to pay a $13.6 million forfeiture. The court will determine the sentence at a later date. Ramirez’s co-conspirators are ongoing.
Nodus International Bank, a Puerto Rican international banking entity, suffered a significant loss due to the bank’s failure in 2023. The bank's collapse has resulted in financial losses for its depositors and investors.
Ramirez will be sentenced at a later date. He is currently free on a $100,000 bond.
© 2024 Grimy Times
Key Facts
- State: Federal
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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