March 22, 2018

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

For release at 2:30 p.m. EDT

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.

For media inquiries, call 202-452-2955