The Arizona Corporation Commission has ordered a Mesa man, Dan E. Droeg, to pay $1,105,187 in restitution and a $150,000 fine for defrauding a client by using their money for personal expenses.
Droeg’s investment adviser license and salesman registration were revoked.
According to the Commission, Droeg lied to get access to the client’s account by claiming he was the client’s nephew. He cashed in an annuity and sold investments while creating fake statements that made it appear the funds were still invested and growing when they were withdrawn for his personal use.