crime
May 8, 2026
US sentences Nicaraguan to 15 years for $29 million bank fraud
The U.S. Department of Justice sentenced Nicaraguan Ernesto Ortega Padgett to 15 years in federal prison for leading an international bank fraud, money laundering, and cryptocurrency scheme that caused millions in losses.
TL;DR
- Ernesto Ortega Padgett, 41, sentenced to 15 years federal prison for international bank fraud, money laundering, and cryptocurrency scheme.
- The scheme caused over $29 million in losses to victims nationwide.
- Ortega impersonated bank representatives and used social engineering to steal financial information.
- Funds were laundered internationally using cryptocurrency and large cash withdrawals.
- Ortega financed a luxurious lifestyle with stolen funds, including residences in Spain.
- He was arrested in France in December 2023 and extradited to the U.S. in June 2024.
- Law enforcement agencies from multiple countries collaborated on the investigation and extradition.