The Financial Industry Regulatory Authority has barred a former UBS and RBC financial advisor under investigation by the Secret Service.

Paul Ronald Koch first joined the financial services industry in 1987 and came to UBS in January 2009, according to a letter of acceptance, waiver and consent published by the industry’s self-regulator. The company filed a Form U5 termination notice for Koch in November 2018, stating that it was voluntarily terminating his registration, Finra says.

Koch was then registered as a general securities representative with RBC Capital Markets, from October 2018 to February 2022, according to BrokerCheck and the letter of acceptance.

UBS, meanwhile, filed an amended Form U5 in June 2019, disclosing allegations that Koch “recommended risky and unsuitable investments in various outside business ventures where [Koch’s] wife was a partial owner . . . [and Koch] and his wife diverted funds from these outside investments and accounts for their personal gain,” according to Finra.

The industry’s self-regulator initiated an investigation into the matter, and while Koch at first cooperated with Finra, in February this year he said he would not provide the required documents, for which the self-regulator barred him from the industry.

Koch consented to the bar without admitting or denying the findings.

According to BrokerCheck, Koch also provided RBC with information “indicating that at the time of his voluntary resignation he was the subject of an investigation by the United States Secret Service concerning possible misconduct.”

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