Federal Reserve Board issues enforcement action with former employee of Banco Popular de Puerto Rico

The Federal Reserve Board announced on Thursday that it had executed a consent prohibition order against Gadiel Rosario-Alvarado, a former employee of Banco Popular de Puerto Rico in San Juan. The order stems from allegations of misappropriation of customer funds, as stated by the Federal Reserve. The action prohibits Rosario-Alvarado from participating in any banking activities regulated by the Federal Reserve. This enforcement reflects the central bank's commitment to maintaining the integrity of the financial system.

The consent prohibition order was issued following an investigation by the Federal Reserve into the alleged misconduct. The central bank did not disclose specific details about the amount of funds involved or the duration of the misappropriation. The order requires Rosario-Alvarado to comply with the Federal Reserve's directives and cooperate fully with any further inquiries. The Federal Reserve has not provided additional comments on the case beyond the enforcement action.

Banco Popular de Puerto Rico, where Rosario-Alvarado formerly worked, has not issued a public statement regarding the enforcement action. The bank's relationship with the Federal Reserve in this matter remains unclear. The Federal Reserve's enforcement actions are typically made public to ensure transparency and accountability within the banking sector. The order does not specify whether the bank itself is under investigation.

The Federal Reserve Board's enforcement action against Rosario-Alvarado underscores its role in overseeing the conduct of individuals within the banking industry. The central bank has emphasized that such actions are taken to protect the financial system and customers from potential harm. The public can access additional enforcement actions through the Federal Reserve's official website for further details.