Former bank CEO pleads guilty to $25m fraud and sanctions evasion

Business, Crime Diary, International, Investigation, North America

INTERNATIONAL (NPA) — March 20, 2026 — The former Chief Executive Officer of Nodus International Bank, a Puerto Rican international bank, has pleaded guilty to leading a multimillion‑dollar fraud scheme and conspiring to evade U.S. sanctions against Venezuela.

According to the U.S. Department of Justice, Tomás Niembro Concha, 64, of Miami, Florida, admitted to siphoning at least $24.9 million from Nodus Bank between 2017 and 2023. Prosecutors said Niembro and co‑conspirators concealed illegal investments and loans that benefited him and the bank’s chairman, Juan Ramirez, ultimately contributing to the bank’s collapse in 2023.

Niembro and Ramirez allegedly caused Nodus Bank to invest $11 million in a Miami lender, then redirected the funds for personal use. They also induced the bank to buy 47 promissory notes worth $25.3 million from a company they jointly owned, again diverting the proceeds. Regulators later placed the bank into liquidation after uncovering the sham transactions.

In addition to fraud, Niembro admitted to violating U.S. sanctions by secretly arranging prohibited financial dealings with a Venezuelan national linked to state‑owned oil company PDVSA. The scheme involved foreclosing on a property in New York, then illegally reselling it through a front company to the sanctioned individual.

Niembro pleaded guilty to conspiracy to commit wire fraud and conspiracy to violate the International Emergency Economic Powers Act (IEEPA). Each charge carries a maximum penalty of 20 years in prison. Sentencing is scheduled for June 8, 2026, with Niembro agreeing to forfeit at least $16.9 million.

U.S. officials stressed that the case demonstrates accountability at the highest corporate levels. “Corporate titles don’t place anyone above the law,” said IRS Special Agent Ron Loecker. Prosecutors added that the crimes undermined financial integrity and national security.