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Daniel Webster

Former Bank CEO Gets 112 Months in Prison After $24.9 Million Fraud Scheme

Prison Justice Department A Tysen Duva Puerto Rico OFAC United States
Nodus International Bank fraud
Former Nodus International Bank CEO Tomás Niembro Concha was sentenced to 112 months in federal prison after pleading guilty to conspiracy charges involving wire fraud and evasion of U.S. sanctions. Federal prosecutors said Niembro led a scheme that fraudulently obtained at least $24.9 million from the Puerto Rico-based bank and was ordered to forfeit more than $16.9 million. DJSPIDA FOTO/Shutterstock

A former bank CEO has been sentenced to more than nine years in federal prison after admitting his role in a multimillion-dollar fraud scheme that prosecutors say helped lead to the failure of a Puerto Rico-based bank.

Tomás Niembro Concha, 64, the former CEO of Nodus International Bank, was sentenced to 112 months in prison and three years of supervised release, according to the U.S. Department of Justice. He was also ordered to forfeit more than $16.9 million, representing proceeds he derived from the wire fraud conspiracy.

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