MIAMI – The chairman of Nodus International Bank (Nodus), a Puerto Rican international banking entity, Juan Francisco Ramirez, 60, of Miami, has pleaded guilty to leading a multimillion-dollar wire fraud conspiracy that led to the bank’s collapse in 2023. Ramirez conspired with others to siphon over $13.6 million from Nodus, violating Puerto Rican law and the bank’s policy on insider transactions.
“The defendant abused his position as Chairman of the board of directors to fraudulently divert funds, resulting in the bank’s collapse,” said Acting Assistant Attorney General Matthew R. Galeotti. “The Criminal Division is committed to investigating and prosecuting white-collar fraudsters, no matter their position.”
Ramirez and a co-conspirator concealed investments or loans meant for their benefit from other Nodus board members and regulators. From 2017 to 2023, they invested over $11 million of Nodus’s funds in a Miami-based lender, knowing these transactions were illegal.
Additionally, Ramirez and a co-conspirator fraudulently induced the bank to purchase at least 47 promissory notes totaling approximately $25.3 million, using loan proceeds for personal gain. In March 2023, OCIF notified Nodus of its intention to place the Bank into liquidation, and later that month, Ramirez and a co-conspirator caused Nodus to purchase a $26 million loan portfolio from their Miami-based finance company.
“The Chairman’s fraud brought down more than a bank—it undermined public trust,” said Special Agent in Charge Emmanuel Gomez. “IRS Criminal Investigation will continue to protect the integrity of the U.S. financial system.”
Nodus agreed to enter into voluntary liquidation in April 2023, after which Ramirez and a co-conspirator benefited by relieving their finance company of debt to the bank.
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Key Facts
- State: Florida
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime|Organized Crime
- Source: Official Source ↗
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