CORRECTION: A previous version of this story incorrectly identified the team that Charles Johnson played for. He spent his entire career with the Carolina Panthers. The previous version also erroneously said Johnson had a residence in South Carolina.
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A veteran financial adviser in Wayzata, Paul R. Koch, is under review by the Financial Industry Regulatory Authority over allegations he made "risky and unsuitable" investments on behalf of a former NFL player from 2011 to 2018.
The review comes after Koch's former employer, UBS Financial Services, last December agreed to a $3.75 million settlement with Charles Johnson, a former professional football player who claimed $10 million in losses, according to FINRA records.
Johnson was a defensive end for the Carolina Panthers for 11 seasons. In addition to the FINRA case, Johnson filed a lawsuit last year in federal court in South Carolina, where he has business interests. The suit accuses Koch's wife, Michelle Koch, of financial improprieties. Michelle Koch, according to the lawsuit, controls a company called MNK Holdings, which also was named as a defendant.
Paul Koch was not named as a defendant in the lawsuit, but the suit alleges the couple invested Johnson's money in businesses in which Michelle Koch had ownership interests, including a clothing store, hair-care salon and janitorial service.
The Kochs also are accused of misappropriating hundreds of thousands of dollars from Johnson for a condominium and luxury travel.
Terrence Fleming, an attorney for Paul Koch, said, "The transactions were at the client's request and with the client's approval. Paul denies wrongdoing and is looking forward to his day in court."