The former Chief Executive Officer of Nodus International Bank, Tomás Niembro Concha, pleaded guilty on Mar. 20 to leading a scheme that defrauded the Puerto Rican bank of at least $24.9 million and conspired to evade U.S. sanctions against Venezuela.
The case highlights concerns about financial crimes undermining the integrity of the banking system and national security. Authorities say such actions threaten economic prosperity and harm public trust in financial institutions.
Assistant Attorney General A. Tysen Duva said, “The defendant abused his position as CEO, turning the bank he managed into his own personal ATM and unlawfully transacting with a sanctioned individual.” Duva added that these crimes undermine the financial system’s integrity and that the Criminal Division will continue to investigate and prosecute such offenses.
U.S. Attorney Jason A. Reding Quiñones for the Southern District of Florida said, “This defendant used his position as CEO to siphon more than $24 million, hide conflicts of interest, and help drive the bank’s collapse.” He also noted efforts by Niembro to evade U.S. sanctions related to Venezuela’s state-owned oil company PDVSA: “As a career prosecutor and former state trial judge, I’ve learned that following the money reveals the truth. Here, it exposed both fraud and sanctions violations. We will hold accountable anyone who abuses our financial system for personal gain.”
According to court filings, Niembro conspired with others from 2017 through 2023 to conceal illegal investments and loans benefiting himself and Board Chairman Juan Ramirez from other board members, executives, and regulators. The group arranged for Nodus Bank funds to be invested in a Miami-based lender so those funds could be loaned back for their own benefit. They also induced Nodus Bank’s board to buy promissory notes from a company they owned jointly.
Between 2021 and 2023, Niembro further conspired with others to conduct prohibited transactions with an individual designated by U.S. authorities for supporting Venezuela’s PDVSA. This included orchestrating a foreclosure on property in New York followed by an unauthorized sale back to the sanctioned individual through a front company.
Niembro pleaded guilty to conspiracy charges carrying up to 20 years in prison each; sentencing is scheduled for June 8. As part of his plea agreement, he agreed to forfeit at least $16.9 million derived from wire fraud conspiracy proceeds.
IRS Criminal Investigation led the investigation with support from Puerto Rico’s Office of the Commissioner of Financial Institutions (OCIF) and Treasury Executive Office for Asset Forfeiture (TEOAF). The prosecution is part of broader efforts under Homeland Security Task Force initiatives targeting criminal organizations operating within or affecting U.S interests.
