Former Bank CEO Pleads Guilty to Evading Venezuela Sanctions

Tomas Niembro Concha conspired to provide material support to Venezuela's state-owned oil company

Mar. 23, 2026 at 12:00am

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The former CEO of Nodus International Bank, a Puerto Rican international bank, pleaded guilty to conspiring to evade U.S. sanctions on Venezuela and leading a scheme to fraudulently obtain at least $24.9 million from Nodus Bank. Between 2021 and 2023, Niembro Concha conspired with others to carry out prohibited financial transactions with an individual listed on the Specially Designated Nationals List to provide material support to Venezuela's state-owned oil company, Petroleos de Venezuela (PdVSA).

Why it matters

This case highlights the ongoing efforts by U.S. authorities to enforce sanctions on Venezuela and crack down on individuals and entities attempting to circumvent those sanctions, which are aimed at pressuring the Venezuelan government and restricting its access to the global financial system.

The details

To settle an outstanding $2.5 million loan that the listed individual had with Nodus Bank prior to the sanctions being imposed, Niembro and that person hatched a scheme to cause Nodus to foreclose on the SDN-listed person's New York home, for which they obtained authorization from the Office of Foreign Assets Control. They then separately agreed to induce Nodus to sell the property back to the listed individual for $4 million through a front company, which was strictly prohibited by U.S. sanctions and not otherwise licensed by OFAC.

  • Niembro and others conspired to carry out prohibited financial transactions between 2021 and 2023.
  • Niembro pleaded guilty on March 19, 2026.
  • Sentencing is set for June 8, 2026.

The players

Tomas Niembro Concha

The former CEO of Nodus International Bank, a Puerto Rican international bank, who pleaded guilty to conspiring to evade U.S. sanctions on Venezuela and leading a scheme to fraudulently obtain at least $24.9 million from Nodus Bank.

Petroleos de Venezuela (PdVSA)

Venezuela's state-owned oil company, which Niembro and others conspired to provide material support to in violation of U.S. sanctions.

Office of Foreign Assets Control (OFAC)

The U.S. government agency that administers and enforces economic and trade sanctions.

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What’s next

Niembro is scheduled to be sentenced on June 8, 2026.

The takeaway

This case demonstrates the U.S. government's commitment to enforcing sanctions on Venezuela and holding individuals and entities accountable for attempting to evade those sanctions, even at the highest levels of financial institutions.