Puerto Rico Bank Chairman Pleads Guilty to $13.6M Loan Fraud
September 26, 2025
Bob Coleman
Founder & Publisher
Puerto Rico Bank Chairman Pleads Guilty to $13.6M Loan Fraud
Juan Francisco Ramirez, former chairman of Nodus International Bank in Puerto Rico, has pled guilty to orchestrating a $13.6 million loan fraud scheme that led to the bank’s collapse. Ramirez, along with his partner Tomas Nimbro, diverted bank funds for personal use, concealing their actions through fraudulent transactions and false records. The scheme resulted in the bank’s closure and liquidation by regulators.
Fraudulent Activity Timeline
- 2017 – Ramirez used $2 million of bank funds, disguised as an investment, to pay off a personal loan in Switzerland that he had taken to purchase the bank.
- 2020 – Amid regulatory scrutiny, Ramirez funneled $1.5 million into an affiliate company and used the funds to pay fraudulent debts and cover personal expenses, including credit card bills.
- 2022 – When regulators ordered Ramirez and Nimbro to contribute their own capital to stabilize the bank, they instead stole $6 million, laundered it through shell companies, and reinvested it to make it appear legitimate.
- 2023 – Ramirez arranged for the bank to purchase a worthless $26 million loan portfolio from one of his affiliated companies, wiping out debts and preventing regulators from recovering funds.
Bank Collapse and Liquidation
In October 2023, the Puerto Rico Office of the Commissioner of Financial Institutions revoked Nodus International Bank’s license and placed it into receivership. Lawsuits revealed:
- Over $92 million owed to creditors and depositors
- 95% of loans lacking collateral
- Entire loan portfolio classified as fraudulent or non-existent
Regulators also pursued Ramirez and Nimbro personally, though most of the stolen funds remain unrecovered.
Sentencing
Ramirez’s guilty plea ensures a lengthy federal prison sentence. At 60 years old, he faces significant time behind bars, with losses exceeding $10 million under federal sentencing guidelines.