A Mesa financial adviser has been indicted by an Arizona grand jury on allegations that he misappropriated client retirement funds and falsified financial documents over a period spanning several years.
According to the Arizona Attorney General’s Office, Daniel Droeg faces four felony charges, including theft of $100,000 or more, forgery and fraudulent schemes and artifices. Prosecutors allege the misconduct occurred between January 2010 and March 2020.
Investigators claim Droeg forged financial records and improperly diverted money belonging to clients, many of whom had entrusted him with retirement savings and investment accounts.
Droeg had worked in Arizona’s financial services industry for decades. State records show he was registered as a securities salesman beginning in 1987 and later became a licensed investment adviser in 2007.
The indictment follows regulatory action taken last year by the Arizona Corporation Commission, which revoked Droeg’s investment adviser license and securities registration. Regulators also ordered him to pay more than $1.1 million in restitution, along with a $150,000 administrative penalty, after determining that client funds had been used for personal expenses.
The criminal case now moves forward in court, where prosecutors will seek to prove the allegations outlined in the indictment. As with all criminal defendants, Droeg is presumed innocent unless proven guilty beyond a reasonable doubt.
