MIAMI— The previous chief govt officer of a Puerto Rican worldwide financial institution has pleaded responsible to a multi-million greenback fraud and sanctions evasion scheme that prosecutors say helped drive the financial institution’s collapse.
Tomás Niembro Concha, 64, of Miami, pleaded responsible Thursday to conspiracy to commit wire fraud and conspiracy to violate the Worldwide Emergency Financial Powers Act, based on the U.S. Legal professional’s Workplace for the Southern District of Florida.
Prosecutors mentioned Niembro led a scheme to siphon not less than $24.9 million from Nodus Worldwide Financial institution by concealing conflicts of curiosity and directing funds for his personal profit and that of the financial institution’s board chairman.
From 2017 to 2023, Niembro and co-conspirators funneled about $11 million by means of a Miami-based lender to difficulty loans to themselves. Additionally they precipitated the financial institution to buy not less than 47 promissory notes value roughly $25.3 million from an organization they collectively owned, based on court docket filings.
The scheme unraveled in March 2023 when Puerto Rico’s banking regulator moved to liquidate the financial institution.
Authorities additionally mentioned Niembro conspired to evade U.S. sanctions tied to Venezuela’s state-owned oil firm, PDVSA, together with a prohibited actual property transaction involving a sanctioned particular person.
In a submit on X, U.S. Legal professional Jason A. Reding Quiñones mentioned officers “adopted the cash” to uncover the scheme and would maintain accountable those that abuse the monetary system.
A former financial institution CEO pleaded responsible to a $24M fraud and sanctions evasion scheme tied to Venezuela’s PDVSA. He used his place to siphon funds, cover conflicts, and assist drive the financial institution’s collapse.
We adopted the cash. We uncovered the reality. And we’ll maintain accountable anybody… pic.twitter.com/7UxoXrhswN
— US Legal professional Reding Quiñones (@USAO_SDFL) March 20, 2026
Niembro faces as much as 20 years in jail on every depend. His sentencing is scheduled for June 8, and he agreed to forfeit not less than $16.9 million.
