Release Date: February 7, 2006
For immediate release
The Federal Reserve Board on Tuesday announced the issuance of an Order of Prohibition against Mayra Cuellar, a former institution-affiliated party of Gulf Bank, Miami, Florida.
Ms. Cuellar, without admitting to any allegations, consented to the issuance of the Order due to her alleged participation in violations of law and breaches of fiduciary duty to the bank and its customers as a result of her intentional failure to file thousands of Currency Transaction Reports over a nearly three-year period. In addition, Ms. Cuellar allegedly embezzled funds from the bank through a variety of schemes over several years.
A copy of the Order is attached.