Mesa financial adviser indicted for allegedly stealing clients’ retirement funds

A Mesa financial adviser was indicted by a state grand jury on charges that he allegedly stole his clients’ retirement funds, prosecutors announced Thursday.

Daniel Droeg faces four felony counts, including theft of $100,000 or more, forgery, and fraudulent schemes and artifices, according to the Arizona Attorney General’s Office.

Droeg allegedly engaged in illegal behavior on several occasions from January 2010 to March 2020, forging financial documents while bilking clients.

Details about the Mesa financial adviser being indicted

He was a longtime financial adviser who had been registered in Arizona as a salesman since 1987 and licensed as an adviser since 2007, according to the Arizona Corporation Commission’s records.

Last year, the Arizona Corporation Commission revoked his investment adviser license and salesman registration.

He also was ordered to pay over $1.1 million in restitution plus a $150,000 administrative penalty for spending a client’s money on personal expenses.

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