U.S. District Judge Kathleen Williams sentenced former Nodus International Bank chairman Juan Francisco Ramirez to 62 months in federal prison, followed by three years of supervised release, for conspiracy to commit wire fraud. Ramirez pleaded guilty, admitting he took part in a scheme that diverted bank funds through insider loans, investments and promissory notes.
Williams gave weight to Ramirez’s cooperation with prosecutors and his assistance to the bank’s receiver in efforts to recover assets. Ramirez agreed to forfeit at least $13.6 million. The judge said a separate hearing would be held within 90 days to determine restitution and how it should be allocated among defendants. Ramirez was ordered to surrender by noon on Dec. 1.
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