Andreach, according to the release, handles about $500 million in client assets and has 27 years of experience building personalized wealth management strategies for wealthy individuals, small businesses, and retirees.
Andreach, who began his career in 1994 with Merrill Lynch Pierce, Fenner & Smith, joined RBC in 2004 after he was terminated. He was accused of signing the names of three trustees for a 401(k) plan on a letter of authorization without their knowledge or consent, according to BrokerCheck. The Financial Industry Regulatory Authority said Andreach’s conduct violated firm policy, even though no funds were misappropriated, and no customer complaint was lodged. Without admitting or denying guilt, Andreach agreed to pay a $20,000 fine and serve a 30-day suspension.
In an emailed statement, UBS said, “Any allegation that UBS encouraged or participated in Mr. Andreach’s conduct as alleged in RBC’s complaint is unequivocally false.”
Guastella could not be reached for comment.