Dan Droeg Barred by FINRA After Allegedly Transferring Over $878,000

Dan Droeg (CRD #: 1509210), a previously registered broker registered with United Planners’ Financial Services of America, has been barred by FINRA, according to his BrokerCheck record, accessed on March 25, 2022. Keep reading if you have concerns about Dan Droeg’s conduct as a broker.

On March 3, 2022, Dan Droeg consented to the 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 withdrew for personal use.

You can read a copy of the bar here.

Misappropriation and Conversion 

FINRA defines conversion as an intentional and unauthorized taking of and/or exercise of ownership over property by one who neither owns the property nor is entitled to possess it. A registered representative who converts customer funds violates FINRA Rule 2150, which prohibits associated persons from making improper use of a customer’s securities or funds. A violation of FINRA Rule 2150 is also a violation of FINRA Rule 2010, which requires members and their associated persons, in the conduct of their business, to “observe high standards of commercial honor and just and equitable principles of trade.”

Employment Termination

On March 3, 2022, United Planners’ Financial Services of America fired Dan Droeg following allegations that he acted as a trustee for clients who were not immediate family members. The firm further alleged that Dan Droeg created and distributed fictitious statements to clients.

Background Information

Dan Droeg has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7- General Securities Representative Examination

Besides United Planners’ Financial Services of America a Limited Partner, Dan Droeg has also worked with the following firms:

• Sagepoint Financial, Inc. (CRD #: 133763)
• Beck, Inc. (CRD #: 1763)
• Woodbury Financial Services, Inc. (CRD #: 421)
• American General Securities Incorporated (CRD #: 13626)
• SunAmerica Securities, Inc. (CRD #: 20068)
• Advantage Capital Corporation (CRD #: 146)
• Anchor National Financial Services, Inc. (CRD #: 5774)

Kurta Law Can Help

If you have been victimized after working with Dan Droeg, don’t hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.