Tomás Niembro Concha, a 64-year-old former CEO of Nodus International Bank, pleaded guilty to leading a scheme to fraudulently obtain at least $24.9 million from Nodus Bank and conspiring to evade U.S. sanctions against Venezuela.
The scheme, which spanned from 2017 to 2023, involved Niembro and his co-conspirators concealing from other bank board members and executives that certain investments and loans were for the benefit of Niembro and Board Chairman Juan Ramirez, in violation of Puerto Rican law.
Niembro and his co-conspirators caused Nodus Bank to invest $11 million in a Miami-based lender, which was then loaned to Niembro and Ramirez for their own benefit. They also fraudulently induced the bank’s board and comptroller to agree to buy at least 47 promissory notes totaling approximately $25.3 million from Nodus Finance, a Miami-based company jointly owned by Niembro and Ramirez.
The scheme ultimately led to the bank’s failure in 2023, with Nodus’s regulator, the Office of the Commissioner of Financial Institutions of Puerto Rico (OCIF), notifying the bank that it would be placed into liquidation in early March 2023.
Niembro also conspired with others to conduct prohibited financial transactions with an individual designated as a Specially Designated National (SDN) by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) for providing material support to Venezuela’s state-owned oil company, Petróleos de Venezuela, S.A. (PDVSA).
Tomás Niembro Concha, of Miami, Florida, will face justice for his crimes. He pleaded guilty to wire fraud conspiracy and Venezuela sanctions evasion scheme.
Tomás Niembro Concha, a former bank CEO, will pay for his crimes. He pleaded guilty to leading a scheme to fraudulently obtain millions from his bank and evading sanctions against Venezuela.
The former CEO’s crimes undermine the integrity of our financial system, threaten economic prosperity, and harm national security. He abused his position as CEO, turning the bank he managed into his own personal ATM and unlawfully transacting with a sanctioned individual.
Defendant: Tomás Niembro Concha, 64, of Miami, Florida
Criminal Charges: Wire fraud conspiracy and Venezuela sanctions evasion scheme
City and State: Miami, Florida
Exact Date: N/A (plea date)
Sentence or Outcome: Guilty Plea
Dollar Amounts: At least $24.9 million
Key Facts
- State: Federal
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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