Federal Reserve Board seeks to permanently bar former employee of Frost Bank from employment in banking industry

The following press release was published by the Board of Governors of the Federal Reserve System on March 22, 2018. It is reproduced in full below.

The Federal Reserve Board on Thursday announced that it is seeking to permanently bar Raysol Villalobos (a/k/a Ray Galvan), a former employee of Frost Bank, San Antonio, Texas, from employment in the banking industry and to impose a $9,819 fine on him and require him to pay $35,000 in restitution to Frost Bank.

Villalobos, a former personal banker at Frost Bank, is alleged to have misappropriated approximately $30,000 from a bank customer's safe deposit box. The Federal Reserve Board's enforcement action alleges that Villalobos' conduct constituted violations of law and unsafe or unsound banking practices.

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Source: Board of Governors of the Federal Reserve System