Banker Pleads Guilty to $24.9 Million Fraud Scheme and Venezuela Sanctions Evasion

On  March 20, 2026, it was reported that in a significant development for financial integrity and sanctions enforcement, the former Chief Executive Officer of Nodus International Bank (Nodus Bank), a Puerto Rico-based international bank, pleaded guilty on March 19, 2026, to leading a multimillion-dollar fraud conspiracy that siphoned funds from the institution and violated U.S. sanctions against Venezuela.

Tomás Niembro Concha, 64, of Miami, Florida, was admitted to conspiring to fraudulently obtain at least $24.9 million from Nodus Bank between 2017 and 2023.

• He pleaded guilty to conspiracy to commit wire fraud and to conspiracy to violate the International Emergency Economic Powers Act (sanctions evasion).
• He faces significant prison time, up to 20 years per count, and forfeiture of proceeds. Sentencing is pending.
• The case highlights ongoing U.S. efforts to combat financial crimes linked to sanctioned regimes and insider abuse in international banking.

The scheme contributed to the bank's collapse in 2023. Niembro, who owned a majority stake in the bank and served as its president/CEO, worked with co-conspirators, including Board Chairman Juan Francisco Ramirez, to conceal self-dealing transactions from the bank's board, executives, and regulators.

Key elements of the fraud included directing $11 million of the bank's funds to a Miami-based lender, which then issued loans back to Niembro and Ramirez for personal benefit.

The group also hid conflicts of interest in investments and loans, violating Puerto Rican banking laws and internal policies. These actions contributed to Nodus Bank's failure, leaving many depositors from Venezuela and Latin America with frozen assets amid prior regulatory scrutiny.

The scheme extended to evading U.S. sanctions, including those targeting Venezuela's state-owned oil company, PDVSA.

Nodus Bank had faced penalties from the U.S. Treasury's Office of Foreign Assets Control (OFAC) as early as 2022 for unlicensed transactions involving sanctioned individuals. The bank was barred from normal operations, accelerating its downfall.

This plea follows related actions, including the 2025 guilty plea of Board Chairman Juan Francisco Ramirez to a conspiracy involving over $13.6 million in similar fraud that contributed to the bank's collapse.

Sources (copy-paste friendly):

• U.S. Department of Justice Press Release: https://www.justice.gov/opa/pr/former-bank-ceo-pleads-guilty-multimillion-dollar-wire-fraud-conspiracy-and-venezuela (Primary source with full details and quotes from officials)
• Law360 Article: https://www.law360.com/corporate/articles/2454799/ex-bank-ceo-cops-to-13-6m-fraud-evading-sanctions (Coverage of the plea hearing and background)
• U.S. Department of Justice (related prior plea on board chairman): https://www.justice.gov/opa/pr/chairman-board-puerto-rican-bank-pleads-guilty-multimillion-dollar-wire-fraud-conspiracy-led
• OFAC Finding of Violation (2022 sanctions context): https://ofac.treasury.gov/recent-actions/20221018