Dowe Pleads Not Guilty in Bank Fraud Case

Former V.I. Port Authority Executive Director Carlton Dowe pleaded not guilty to federal bank fraud and other charges Tuesday after waiving his appearance at an arraignment in a Puerto Rico federal court.  Dowe was arrested last month on St. Thomas and charged with multiple counts of bank fraud, making false statements on a loan application and aggravated identity theft. On the same day, he notified the VIPA governing board of his intent to resign effective April 10. He surrendered his passport and was released from custody ahead of his trial, which is taking place in the U.S. District Court of Puerto Rico.

Dowe is being represented by Joseph DiRuzzo III, a Florida-based attorney who has handled multiple federal cases in the U.S. Virgin Islands. DiRuzzo asked Judge Pedro Delgado-Hernandez to allow him to practice in Puerto Rico, which Delgado-Hernandez granted.  According to his grand jury indictment, the charges against Dowe stem from false information he allegedly included in loan application documents submitted to Banco Popular between March 2021 and November 2023. The false statements included inflated income and manufactured lease agreements. Dowe was also accused of forging a person’s name and signature on a loan document, leading to the charge of aggravated identity theft.    

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