SAN JUAN, Puerto Rico – The former chairman of Nodus International Bank has pleaded guilty to conspiracy to commit wire fraud after federal investigators revealed a years-long scheme that led to the bank’s collapse in 2023.
Juan Francisco Ramirez, 60, of Miami, Florida, admitted to conspiring with others between 2017 and 2023 to fraudulently divert more than $13.6 million from Nodus, a Puerto Rican international banking entity. The scheme violated internal bank policies and Puerto Rican law by hiding insider transactions from fellow board members and regulators, including the Office of the Commissioner of Financial Institutions of Puerto Rico (OCIF).
According to court documents, Ramirez arranged for Nodus to invest more than $11 million into a Miami-based lender, knowing the money would be routed back to him and a co-conspirator through sham loans. Ramirez also caused Nodus to purchase at least 47 promissory notes worth over $25 million from a finance company he co-owned. While these notes purported to fund legitimate loans, Ramirez used the proceeds for personal investments, mortgage payments, and credit card debt.
Just weeks before the bank’s voluntary liquidation, Ramirez and a co-conspirator caused Nodus to buy a $26 million loan portfolio from their finance company—most of which consisted of nonperforming, uncollateralized loans—effectively wiping out their debt to the bank.
As part of his plea agreement, Ramirez agreed to forfeit at least $13.6 million. He faces up to 20 years in federal prison at sentencing, which will be set by the court at a later date.
The case was investigated by IRS Criminal Investigation (IRS-CI). Prosecution is being handled by the Department of Justice’s Money Laundering and Asset Recovery Section and the U.S. Attorney’s Office for the Southern District of Florida.
