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Attorneys general

Nodus International Bank Chairman Pleads Guilty to $13.6 Million Fraud Scheme

Strategic Insights

— 1 min read

Juan Francisco Ramirez, 60, the former chairman of the board of Nodus International Bank, pleaded guilty to conspiring to fraudulently obtain over $13.6 million from the bank, resulting in its collapse in 2023. Ramirez, of Miami, Florida, abused his position to divert funds from the bank, concealing investments and loans that benefited himself and a co-conspirator. The scheme involved investing Nodus's funds in a Miami-based lender, making sham investments, and inducing the bank to purchase promissory notes from a company jointly owned by Ramirez and the co-conspirator.

Key Takeaways:

  • Ramirez pleaded guilty to conspiracy to commit wire fraud and faces up to 20 years in prison.
  • The scheme resulted in the bank's failure in 2023, with over $13.6 million in fraudulently obtained funds.
  • Ramirez conspired with others to invest Nodus's funds in a Miami-based lender, which loaned the funds to himself and the co-conspirator.
  • The scheme involved sham investments, concealed transactions, and induced the bank to purchase promissory notes from a company owned by Ramirez and the co-conspirator.
  • Ramirez agreed to forfeiture of at least $13.6 million, representing the value of proceeds derived from the conspiracy.
  • The case was investigated by the IRS Criminal Investigation (IRS-CI) and is being prosecuted by the Criminal Division's Money Laundering and Asset Recovery Section (MLARS) and the Southern District of Florida.
  • Trial Attorneys Javier Urbina and Samir Paul, and Assistant U.S. Attorney Felipe Plechac-Diaz are prosecuting the case.

Statistics:

  • $13.6 million: The value of fraudulently obtained funds from Nodus International Bank.
  • $11 million: The amount invested in Nodus's funds in a Miami-based lender.
  • $25.3 million: The total value of promissory notes purchased by Nodus from a company jointly owned by Ramirez and the co-conspirator.
  • 47: The number of promissory notes purchased by Nodus.
  • 2017-2023: The period during which Ramirez conspired with others to fraudulently obtain funds.
  • 2023: The year in which Nodus International Bank failed due to the scheme.
  • April 28, 2023: The date on which Ramirez and the co-conspirator caused Nodus to purchase a loan portfolio totaling approximately $26 million.

Sources:

  • "U.S. Department of Justice - US v. Juan Francisco Ramirez"
  • IRS Criminal Investigation (IRS-CI)
  • U.S. Department of Justice - Criminal Division's Money Laundering and Asset Recovery Section (MLARS)

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