Release Date: January 24, 2008
For immediate release
The Federal Reserve Board on Thursday announced the issuance of a Consent Order of Prohibition against Aldo N. Morales, former vice president, loan officer, and institution-affiliated party of Coconut Grove Bank, Miami, Florida. Mr. Morales, without admitting to any allegations, consented to the issuance of the Order which was based on his alleged violations of law, unsafe and unsound banking practices, and breaches of fiduciary duties to the Bank, in connection with his activities as a lending officer with respect to the Bank's dealer-referred subprime automobile lending program.
A copy of the Consent Order is attached.