Dan Edward Droeg Transferred over $878,000 From Trust’s Bank Account to His Own Bank Accounts

Dan Edward DroegDan Edward Droeg,  CRD #1509210, Chandler, Arizona, was barred from association with any FINRA member in all capacities on March 3, 2022. Droge became associated with United Planners’ Financial Services of America a Limited Partner in August 2021 as a General Securities Representative. United Planners reported that Dan Edward Droeg had been discharged on September 23, 2021 because he “did not disclose he was named the trustee for a client’s account prior to becoming affiliated with United Planners and continued to act as trustee after his affiliation,” and because “United Planners prohibits financial professionals from creating and distributing fictitious statements to clients.” The trust’s two beneficiaries, a senior married couple with no familial relationship to Droeg, created the trust. In accordance with the trust, Droeg had authority to invest the trust’s assets and to establish and control bank accounts in the trust’s name.  Droeg converted assets of the trust with his authority as trustee to surrender a variable annuity owned by the trust and then transferred over $878,000 from the trust’s bank account to his own bank accounts. He distributed a portion to the trust’s beneficiaries and withdrew the remainder for personal use, violating industry rules and regulations. (FINRA Case #2021072636101)

If you have lost money in investments with Dan Edward Droeg, call Bingham Law at (480) 832-1922 to discuss recovery of your losses.  Tony may be able to represent you in an arbitration action concerning this conduct.