The Federal Reserve Board last week removed Ricardo Colon from his job as controller of Banca Nacionale Dell'Agricultore's New York branch, and barred him from ever working in the U.S. banking industry.

The Fed said Mr. Colon pleaded guilty in January to stealing bank funds for his personal use, a felony charge. At the time, he was controller of the New York branch of Banca Serfin S.A., Monterrey, Mexico.

Rome-based Banca Nacionale Dell'Agricultore subsequently hired Mr. Colon, prompting the Fed to intervene.

"Colon's continued service and participation as controller of BNA's New York branch pose a threat to the interests of the branch's depositors and impair public confidence in the branch," the May 23 Fed order reads.

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