Diego Moreno, who hails from Venezuela, was signed as an international free agent in 2006 at the age of 20, which for Latin prospects is pretty old.
As a reliever in 2011, he spent time in Single-A Bradenton and Double-A Altoona. His ERA was a bit high at both levels (3.21 in Single-A, 4.91 in Double-A), but he had a very high strikeout rate.
He has a fastball that regularly reaches 97 mph and a sharp slider in the mid-80s. He's also been very good against righties, in 2010 limiting them to a .088 batting average against him.
However, he had control issues last year, which may have stemmed from a rotator cuff strain in 2010.
In addition, he was eligible for the Rule 5 Draft this past year but was not added to the 40-man roster, which is interesting.
The Yankees organization, I believe, will place him in Double-A Trenton to start the season, and see where he goes from there.
If his control issues can be fixed, and finds success, he could be brought up at the Major League level, especially if injuries occur.
However, considering that Moreno is now 25, a reliever, and battling control problems, I'm a bit unsure as to how long he can provide for not only this team, but at the top level. Unless fixed, I believe his shelf life will last about two, maybe three years.