The U.S. Department of Justice secured a 112 month prison sentence and three years of supervised release for Tomás Niembro Concha, former chief executive officer of Puerto Rico based Nodus International Bank, after he pleaded guilty to wire fraud and sanctions evasion conspiracies. Niembro was also ordered to forfeit more than USD 16.9 million in proceeds from a scheme that fraudulently obtained at least USD 24.9 million from the bank and contributed to its failure in 2023. From 2017 to 2023, Niembro and others concealed investments and loans that benefited him and Nodus Bank Chairman Juan Ramirez, including USD 11 million invested in a Miami lender and approximately USD 25.3 million used to purchase promissory notes from a company they jointly owned. Niembro also conspired to evade U.S. sanctions by arranging for the bank to sell a foreclosed New York property back to a Specially Designated National for USD 4 million through a front company, without authorization from the Office of Foreign Assets Control.
2026-09-21U.S. Department of Justice
U.S. Department of Justice secures 112 month sentence for former Nodus Bank CEO over USD 24.9 million fraud and Venezuela sanctions evasion
The U.S. Department of Justice secured a 112 month prison sentence for former Nodus International Bank CEO Tomás Niembro Concha over a fraud that obtained at least USD 24.9 million from the bank and a conspiracy to evade Venezuela related sanctions. Niembro must also forfeit more than USD 16.9 million and serve three years of supervised release.