Broker Dan Droeg Was Accused Of Suitability Complaints

A former broker with Woodbury Financial Services, Dan Droeg, was accused by the Financial Industry Regulatory Authority (FINRA) of recommending and overconcentrating illiquid investments in variable annuities for numerous profit sharing plans. The complaint also claimed the broker allegedly incorrectly reported the values and performances of the investments. Another complaint against him alleged unsuitability. Droeg allegedly recommended variable annuities, which were highly unsuitable for an elderly customer with low risk tolerance. A broker has a duty to only recommend those investments that are suitable for his clients. Many variable annuities are high-risk and illiquid ones that are not suitable. If the broker does recommend and sell those investments, his brokerage firm may be liable for losses. To find out how to sue Woodbury Financial on a contingency fee basis in the FINRA arbitration forum for Dan Droeg losses, please call our securities law firm today at 312-332-4200 for a no-cost, no-obligation consultation. Attorneys are standing by.
According to his online BrokerCheck report with FINRA, Droeg was previously registered with Anchor National Financial Services, Advantage Capital Corp, American General Securities, SunAmerica Securities, American General Inc. and Woodbury Financial Services in Mesa, Arizona from June 2007 until May 2012. He is currently registered with H. Beck in Mesa and has been since May 2012. He has two customer disputes against him, one of which is currently pending.