Family

Bank

Millions

Tomás Niembro Concha, former CEO of Nodus International Bank, pleaded guilty March 19 to conspiring to siphon at least $24.9 million from the Puerto Rico-based institution and evading U.S. sanctions against Venezuela.The 64-year-old Miami resident <a href="https://www.justice.gov/opa/pr/former-bank-ceo-pleads-guilty-multimillion-dollar-wire-fraud-conspiracy-and-venezuela" rel="noopener noreferrer nofollow">faces up</a> to 40 years in prison on two counts and agreed to forfeit at least $16.9 million.Niembro and board chairman Juan Ramirez concealed conflicts of interest from other board members, executives, and the bank's regulator while orchestrating fraudulent transactions that ultimately led to Nodus Bank's liquidation in March 2023.Ramirez previously pleaded guilty and agreed to forfeit $13.6 million.<h2 id="sham-investments-funneled-millions-to-executives">Sham Investments Funneled Millions to Executives</h2>Between 2017 and 2023, Niembro and Ramirez <a href="https://www.irs.gov/compliance/criminal-investigation/former-bank-ceo-pleads-guilty-to-multimillion-dollar-wire-fraud-conspiracy-and-venezuela-sanctions-evasion-scheme" rel="noopener noreferrer nofollow">caused</a> Nodus Bank to invest $11 million in a Miami-based lender, then used that vehicle to loan funds to themselves for personal benefit.From January 2018 to September 2021, the duo fraudulently induced the bank's board to purchase 47 promissory notes totaling $25.3 million from Nodus Finance, a Miami company they jointly owned.After Puerto Rico's banking regulator notified Nodus it would be liquidated in March 2023, the executives caused the bank to accept a loan portfolio from Nodus Finance to pay down debt.Read also:<a href="https://yellow.com/news/warren-bitmain-probe-trump-family" rel="noopener noreferrer nofollow">Warren Demands Answers On Bitmain Probe Tied To Trump Family</a><h2 id="sanctions-scheme-involved-venezuelan-oil-company">Sanctions Scheme Involved Venezuelan Oil Company</h2>Between 2021 and 2023, Niembro conspired to conduct prohibited transactions with an individual designated as a Specially Designated National by OFAC for supporting Venezuela's state-owned oil company, Petróleos de Venezuela (PDVSA).To satisfy a $2.5 million loan, Niembro and the SDN obtained OFAC authorization to foreclose on the individual's Southampton, New York home, then reached a separate agreement to sell it back for $4 million through a front company - a transaction strictly prohibited by sanctions.Niembro pleaded guilty to conspiracy to commit wire fraud and conspiracy to violate the International Emergency Economic Powers Act. Each charge carries a maximum 20-year prison sentence. Sentencing is scheduled for June 8, 2026.Read next:<a href="https://yellow.com/news/morgan-stanley-bitcoin-etf-0-14-fee" rel="noopener noreferrer nofollow">Morgan Stanley Files Bitcoin ETF With 0.14% Fee</a>

Nodus Bank CEO Pleads Guilty To $24.9M Fraud, Venezuela Sanctions Evasion

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