Did you lose money investing with Dan Droeg (CRD# 1509210)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Dan Droeg. If you suffered losses investing with Dan Droeg, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of January 9, 2023, Dan Droeg’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
2 Customer Disputes
1 Regulatory Event
1 Employment Separation After Allegations
March 3, 2022 – An AWC was issued in which Droeg was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Droeg consented to the sanction and to the entry of findings that he 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. The findings stated that the trust was created by its two beneficiaries, a senior, married couple with no familial relationship to 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. (FINRA Case #2021072636101)
Current and Previous Registrations
08/12/2021 – 10/11/2021 UNITED PLANNERS’ FINANCIAL SERVICES OF AMERICA A LIMITED PARTNER (CRD#:20804) MESA, AZ
08/30/2018 – 08/18/2021 SAGEPOINT FINANCIAL, INC. (CRD#:133763) MESA, AZ
05/23/2012 – 08/31/2018 H. BECK, INC. (CRD#:1763) MESA, AZ
06/05/2007 – 05/30/2012 WOODBURY FINANCIAL SERVICES, INC. (CRD#:421) MESA, AZ
11/11/1999 – 06/07/2007 AMERICAN GENERAL SECURITIES INCORPORATED (CRD#:13626) MESA, AZ
07/30/1993 – 11/22/1999 SUNAMERICA SECURITIES, INC. (CRD#:20068) PHOENIX, AZ
06/16/1992 – 07/30/1993 AMERICAN GENERAL SECURITIES INCORPORATED (CRD#:13626) PHOENIX, AZ
07/09/1987 – 06/17/1992 ADVANTAGE CAPITAL CORPORATION (CRD#:146) ATLANTA, GA
06/19/1986 – 07/11/1987 ANCHOR NATIONAL FINANCIAL SERVICES, INC. (CRD#:5774)
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Dan Droeg and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.