Tomás Niembro Concha, the former CEO of Puerto Rico-based Nodus International Bank, received a 112-month federal prison sentence in the Southern District of Florida for fraud and sanctions violations tied to the bank’s operations.
Guilty Plea and Sentence
Niembro pleaded guilty on March 19 to conspiracy to commit wire fraud and conspiracy to violate the International Emergency Economic Powers Act. In addition to prison time, he was ordered to serve three years of supervised release and forfeit more than $16.9 million.
Scheme Details
According to the U.S. Department of Justice, the charges stemmed from a scheme to siphon millions from Nodus International Bank through Miami-based companies and to evade U.S. sanctions on Venezuela. Former Nodus Chairman Juan Francisco Ramirez has also pleaded guilty to conspiracy to commit wire fraud and agreed to forfeit at least $13.6 million; he has not yet been sentenced.
Nodus International Bank entered liquidation in 2023 after Puerto Rico’s Office of the Commissioner of Financial Institutions intervened. The bank’s deposits were not insured by the FDIC, and approximately $80 million in deposits were frozen, affecting hundreds of customers.
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