Thomas Niembro Concha, the former CEO of Nodus International Bank, pleaded guilty on March 19 to charges of embezzling at least $24.9 million from the Puerto Rico-based institution and conspiring to evade U.S. sanctions against Venezuela.

The 64-year-old resident of Miami faces up to 40 years in prison on two charges and has agreed to forfeit at least $16.9 million.

Niembro and the chairman of the board **Juan Ramirez** led fraudulent transactions, hiding conflicts of interest from other board members, executives, and banking regulators, which ultimately led to the liquidation of Nodus Bank in March 2023.

Ramirez previously pleaded guilty and agreed to forfeit $13.6 million.

Sent millions of dollars to executives through false investments

From 2017 to 2023, Niembro and Ramirez caused Nodus Bank to invest $11 million in a Miami-based lending company, subsequently executing loans for their personal benefit using that entity.

From January 2018 to September 2021, the two fraudulently persuaded the bank board to purchase 47 promissory notes issued by their jointly owned Miami company, Nodus Finance, totaling $25.3 million.

After the Puerto Rico banking regulator notified that Nodus would be liquidated in March 2023, the two made the bank acquire a loan portfolio from Nodus Finance under the pretext of debt repayment.

Read more: Warren Demands Answers On Bitmain Probe Tied To Trump Family

Sanction evasion scheme involving the Venezuelan state oil company

From 2021 to 2023, Niembro conspired with individuals designated as Specially Designated Nationals (SDN) by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) for allegedly supporting the Venezuelan state oil company **Petróleos de Venezuela (PDVSA)** in prohibited transactions.

To repay a $2.5 million loan, Niembro and this SDN obtained OFAC approval necessary to foreclose on the individual's home in Southampton, New York, and then entered into a separate contract to repurchase the house for $4 million through a shell company. This was 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 (IEEPA). Each charge carries a maximum sentence of 20 years in prison. Sentencing is scheduled for June 8, 2026.

Read more: Morgan Stanley Files Bitcoin ETF With 0.14% Fee