A former bank chief executive has admitted to orchestrating a sweeping fraud that siphoned millions from his own institution, in a case prosecutors say exposed a shocking abuse of power at the highest level of banking.
According to the US Department of Justice announcement, Tomás Niembro Concha, 64, pleaded guilty to participating in a conspiracy that diverted at least $24.9 million (£18.56 million) from Nodus Bank, a Puerto Rico-based financial institution he once led.
