Nodus Bank ex-chairman sentenced for multimillion-dollar fraud
Juan Francisco Ramírez received 62 months in federal prison for a scheme that caused more than $23.6 million in losses to the Puerto Rico-based institution and contributed to its collapse.
The short version
- El Nuevo Día and News is my Business reported that Juan Francisco Ramírez, former chairman and co-owner of Nodus International Bank, was sentenced to 62 months in prison and three years of supervised release
- News is my Business reported that Ramírez was also ordered to forfeit approximately $13.6 million and had pleaded guilty in September 2025 to conspiracy to commit wire fraud
- News is my Business reports the fraud involved concealed investments and loans benefiting Ramírez and associates, violating Puerto Rico law and bank restrictions on insider transactions
- News is my Business reported the scheme caused $23,613,371 in losses to the bank and contributed to its voluntary liquidation in 2023
Sentencing in Miami federal court
Juan Francisco Ramírez, 60, of Miami, former chairman of the board of directors and co-owner of Nodus International Bank, which operated in Puerto Rico, was sentenced to 62 months in federal prison and three years of supervised release. El Nuevo Día reported he was sentenced according to the U.S. Department of Justice.
News is my Business reported that the sentencing occurred on Wednesday. Ramírez was also ordered to forfeit approximately $13.6 million, representing proceeds he received from the conspiracy. He had pleaded guilty in September 2025 to conspiracy to commit wire fraud. News is my Business reported.
Federal prosecutors said Ramírez and his associates concealed investments and loans benefiting themselves from other bank executives, board members and Puerto Rico’s Office of the Commissioner of Financial Institutions, known as OCIF. The arrangements violated Puerto Rico law and the bank’s restrictions on insider transactions.
What the sources posted
Posts and statements below are the sources' own words, quoted as published. They are not independently verified.
Ramírez was entrusted to lead a bank. Instead, he looted it.
The source's own statement, as quoted by News is my Business. Not verified by PuertoRico.com.
Details of the fraud scheme
From 2017 to 2023, Ramírez and his associates arranged for Nodus to invest more than $11 million in a Miami-based lender, which then made loans benefiting Ramírez and a co-conspirator, according to News is my Business. The participants knew the transactions were prohibited and structured the bank’s investments to conceal their purpose.
Between January 2018 and September 2021, Ramírez and a co-conspirator also induced Nodus to purchase at least 47 promissory notes totaling approximately $25.3 million from a Miami-based finance company they jointly owned. The notes purported to finance loans to individuals and businesses. Instead, Ramírez and his associate used the proceeds for personal investments, mortgage payments and credit card expenses, News is my Business reported. Prosecutors said they misled the bank’s board and comptroller into approving or facilitating the purchases.
Final transaction and bank liquidation
In March 2023, OCIF notified Nodus that it intended to place the bank into liquidation. The institution agreed to voluntary liquidation later that month. On April 28, as liquidation approached, Ramírez and a co-conspirator arranged for Nodus to acquire a loan portfolio totaling approximately $26 million from their finance company without OCIF authorization, News is my Business reported.
Most of the loans were delinquent, nonperforming or unsecured, prosecutors said. Nodus accepted the portfolio as repayment of the company’s debt from the earlier promissory note purchases. That relieved the finance company of its obligations to the bank, benefiting Ramírez and his associate. The Justice Department put the bank’s losses from Ramírez’s actions at $23,613,371.
Where the sources differ
The sources agree that Juan Francisco Ramírez was sentenced to 62 months in prison and three years of supervised release according to the U.S. Department of Justice. El Nuevo Día reported the sentence and identified Ramírez as the former chairman and co-owner of Nodus Bank that operated in Puerto Rico. News is my Business provided additional details including the exact sentencing date as Wednesday, the $13.6 million forfeiture amount, the $23,613,371 in losses, the guilty plea date in September 2025, specific transactions from 2017 to 2023, the role of OCIF, quotes from officials, and background on the bank’s liquidation. El Nuevo Día did not report the sentencing date, location details beyond the Miami case reference, or the extensive scheme specifics.
What the reports do not say
The reports do not state the exact date when the sentencing took place beyond News is my Business indicating Wednesday. They do not specify how many depositors lost money, whether any losses have been recovered, the identity of any co-conspirators, the current status of other individuals involved, or what steps if any are being taken regarding the forfeited funds or remaining bank assets.
Sources
Every link below was opened and checked when this story was published. Official means a government body, agency or the organization itself; Reporting means a news outlet.
- Official Nodus ex-chairman sentenced in $23.6M Puerto Rico bank fraud
- Reporting Nodus Bank case: banker who operated in Puerto Rico sentenced in Miami for multimillion-dollar fraud
- Reporting Nodus ex-chairman sentenced in $23.6M Puerto Rico bank fraud
How we checked this
El Nuevo Día and News is my Business both reported the sentencing of Juan Francisco Ramírez and the connection to Nodus Bank in Puerto Rico. The loss amount, specific transactions, guilty plea details, and official quotes rest solely on the News is my Business account based on the U.S. Department of Justice announcement.
Compiled by the PuertoRico.com News Desk from the reports and statements listed above, and checked against them before publishing. It does not include original interviews. Spot an error? Email support@puertorico.com with a link to this story.