DAN E DROEG Mesa, Arizona

DAN E DROEG (DAN EDWARD DROEG, DAN DROEG) was permanently barred by FINRA from acting as a broker or otherwise associating with a broker/dealer firm in March of 2022.

Without admitting or denying FINRA’s findings, DAN E DROEG consented to the sanction and to the entry of findings that he allegedly “converted assets of a trust by using his authority as trustee to surrender a variable annuity owned by the trust and then transferring over $878,000 from the trust's bank account to his own bank accounts, a portion of which he distributed to the trust's beneficiaries and withdrew the remainder for personal use.”

FINRA’s findings stated that the trust was created by its two beneficiaries, a senior, married couple with no familial relationship to DAN E DROEG. In accordance with the trust documents, Droeg had authority to invest the trust's assets and to establish and control bank accounts in the trust's name. The FINRA report states that Droeg initially invested the trust's assets in a variable annuity.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, DAN E DROEG was in the securities industry for 35 years and was listed with 8 firms. The most recent firm was United Planners’ Financial Services, in Mesa, Arizona from August of 2021 through October of 2021. Before that he was listed with Sagepoint Financial, of Mesa, Arizona from August of 2018 – August of 2021.

DAN E DROEG has 6 disclosures listed on his FINRA CRD report, 3 are “Customer Disputes.”  The most recent dispute, dated February 6, 2024 is pending.  The allegations are, “Misappropriation of client funds. Alleged activity occurred July 2009 to April 2016.”  The damage amount requested is $980,000.00. The other 2 disputes have settled.

If you would like to discuss this article or any other broker/dealer issues, contact Soreide Law Group and speak to an experienced securities lawyer at no cost:  888-760-6552.

Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis.