Ex-Bank CEO Gets 9 Years in $24.9M Fraud Case
A former Nodus International Bank executive faces prison for wire fraud and sanctions evasion involving Venezuela-linked transactions.
Key points
- Tomás Niembro Concha was sentenced to 112 months in prison for wire fraud and sanctions evasion.
- The scheme involved siphoning $24.9 million from Nodus International Bank through sham investments.
- Niembro was ordered to forfeit $16.9 million and is barred from banking in Puerto Rico for ten years.
Tomás Niembro Concha, the former chief executive of Nodus International Bank in Puerto Rico, has been sentenced to 112 months in federal prison. The 64-year-old Spanish and Venezuelan national pleaded guilty to conspiracy to commit wire fraud and conspiracy to violate U.S. sanctions laws, marking a significant resolution in a case that spanned multiple years of financial irregularities.
In addition to the prison term, the court ordered Niembro to serve three years of supervised release and forfeit more than $16.9 million in proceeds derived from the scheme. According to federal prosecutors, the former CEO led a scheme that fraudulently obtained at least $24.9 million from the bank while participating in prohibited financial transactions involving a U.S.-sanctioned individual.
Concealed Transactions and Sham Investments
Prosecutors alleged that Niembro and the bank's board chairman, Juan Ramirez, concealed their financial interests from other directors and Puerto Rico regulators. Between 2017 and 2023, they caused the bank to invest $11 million in a Miami-based lender, which subsequently loaned the funds back to them for personal benefit. The government described these moves as sham investments designed to obscure the true nature of the transactions.
A second stream of activity involved the purchase of at least 47 promissory notes worth approximately $25.3 million from Nodus Finance, a Miami company jointly owned by the two men. Federal filings indicate that the proceeds from these notes became available for their personal use. Ramirez separately pleaded guilty to wire fraud in September 2025, agreeing to forfeit over $13.6 million in illicit gains.
Bank Failure and Regulatory Action
The fraudulent conduct contributed to the collapse of Nodus International Bank, which entered liquidation in early 2023. Puerto Rico's Office of the Commissioner of Financial Institutions (OCIF) revoked the bank's operating license in October 2023 and placed it under permanent receivership. Regulators have since sought to hold Niembro and Ramirez personally liable for the institution's debts, requiring them to deposit approximately $26.83 million in personal assets for creditors.
The regulatory body also barred both men from conducting business in Puerto Rico for ten years. The timing of the final financial maneuvers was critical; prosecutors stated that shortly before liquidation, the bank accepted a delinquent loan portfolio from Nodus Finance to settle debts, a move that further complicated the institution's final days under regulatory oversight.
Sanctions Violations and Federal Prosecution
Beyond the internal fraud, the federal case included charges related to sanctions evasion. Prosecutors alleged that between 2021 and 2023, Niembro conspired with others to conduct transactions involving a person sanctioned by the U.S. government. These violations were prosecuted under the International Emergency Economic Powers Act, adding a geopolitical dimension to the domestic financial crime.
The case, United States v. Tomás Niembro Concha, was prosecuted in the Southern District of Florida. Each offense carried a maximum statutory penalty of 20 years, though the final sentence fell below that cap. As noted by The Virgin Islands Consortium, the sentencing reflects the severity of the dual conspiracies that undermined the bank's stability and violated national security laws.
