The former CEO of Nodus International Bank has pleaded guilty to leading a scheme that fraudulently extorted at least $24.9 million from the now-defunct institution in Puerto Rico.
In his words, the US Department of Justice he says Tomás Niembro Concha conspired with others to cover up the financial and debt crisis that led to the collapse of Nodus Bank in 2023.
Court records show that Niembro and the chairman of the board, Juan Ramirez, convinced the bank to deposit $11 million with a Miami lender so that they could lend the money for a profit. The two also persuaded the board and management of Nodus Bank to agree to purchase at least 47 promissory notes worth $25.3 million from Nodus Finance, which they owned together.
Following the notification from the Office of the Commissioner of Financial Institutions of Puerto Rico (OCIF) that Nodus Bank will be closed in March 2023, Niembro and Ramirez also caused the bank to accept a loan from Nodus Finance to pay the loan on promissory notes.
Niembro is also involved in the Venezuelan sanctions evasion scheme. The former bank executive is accused of conspiring with others to invest in Venezuela’s state oil company, Petróleos de Venezuela, which the US Treasury’s Office of Foreign Assets Control (OFAC) has designated as a Special Designated National (SDN).
Assistant Attorney General A.Tysen Duva of the Department of Justice at the Department of Justice says that Niembro’s actions undermine the integrity of the financial system, disrupt economic development and undermine national security.
“The defendant abused his position as CEO, turning the bank he used into his personal ATM and engaging in unauthorized transactions with an authorized person.”
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