Dan Edward Droeg (also known as Dan Edwards Droeg) of Mesa, Arizona, a stockbroker formerly registered with United Planners Financial Services of America, a Limited Partner, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings of conversion (misuse of investor funds) when Droeg was registered with United Planners. Letter of Acceptance, Waiver, and Consent No. 2021072636101 (March 3, 2022).
According to the AWC, Droeg was the trustee of a charitable remainder trust which a married couple set up and were beneficiaries of. The AWC states that the trust required Droeg to ensure that assets were invested. He was supposed to set up bank accounts in the name of the trust.
FNIRA states that the trust’s assets were invested in a variable annuity at first. But in 2015, that annuity was surrendered by Droeg. The regulator indicates that between 2015 and 2021, trust assets were taken by Droeg without authorization. More than $878,000.00 was placed into Droeg’s business and bank accounts. The AWC states that some of the funds went to beneficiaries, but Droeg took money for his personal use. Droeg violated FINRA Rules 2010 for conversion.
Droeg has been identified in two customer initiated investment related disputes regarding accusations of his wrongdoing during the period that he was employed by H. Beck and American General Securities Incorporated (AGSI). FINRA Public Disclosure shows that a customer initiated investment related complaint regarding Droeg’s activities was resolved for $18,043.79 in damages supported by allegations that unsuitable advice was provided by Droeg concerning the customer’s investments in mutual funds, equity-indexed annuities, and variable annuities, given the customer’s age and risk tolerance while Droeg was employed by AGSI.
On January 9, 2018, another customer initiated investment related complaint concerning Droeg’s conduct was settled for $75,000.00 in damages based upon accusations of illiquid investments being purchased by the customer during the time that Droeg was associated with H. Beck. According to the complaint, the customer’s assets were overconcentrated in variable annuities. Accusations also include poor performance and unreasonable fees.
Droeg was registered with H. Beck between May 23, 2012, and August 31, 2018, Sagepoint Financial between August 30, 2018, and August 18, 2021, and United Planners between August 12, 2021, and October 11, 2021. He was discharged by United Planners founded on accusations of his conduct as trustee for a non-family member customer’s account.
