Investing your hard-earned money with a financial advisor is an important decision that requires trust and confidence. However, when that trust is broken due to malpractice, it becomes a serious issue. An allegation has been made against financial advisor Dan Droeg and his previous company United Planners’ Financial Services of America A Limited Partner.
Understanding the Allegation and FINRA Rule
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The allegation against Droeg is a severe one. According to the Financial Industry Regulatory Authority (FINRA), Droeg failed to comply with an arbitration award or settlement agreement. Furthermore, he did not satisfactorily respond to a FINRA request to provide information concerning the status of compliance. This violation is in direct breach of Article VI, Section 3 of FINRA By-Laws, and FINRA Rule 9554.
In simpler terms, Droeg has been accused of not honoring a decision made in an arbitration process or a settlement agreement. Additionally, he did not adequately respond to a request for information from FINRA, the regulatory body that oversees financial advisors and ensures they comply with rules and regulations to protect investors.
Why This Matters for Investors
Such allegations and rule violations are not to be taken lightly. They indicate a disregard for regulatory guidelines and a potential lack of integrity. Investors who have entrusted their investments to Droeg or United Planners’ Financial Services of America A Limited Partner may be at risk.
Red Flags for Financial Advisor Malpractice
- Failure to comply with arbitration awards or settlement agreements
- Inadequate response to regulatory authority requests
- Indefinite suspension from all capacities
Haselkorn & Thibaut, a national investment fraud law firm, is currently investigating the allegations against Droeg and his previous company. The firm offers free consultations to clients who may have been impacted.
How FINRA Arbitration Can Help Investors Recover Losses
FINRA Arbitration is a process that helps investors recover losses due to financial advisor malpractice. Haselkorn & Thibaut has a wealth of experience in this area, with offices in Florida, New York, North Carolina, Arizona, and Texas. The firm has over 50 years of experience in the field, a successful track record of financial recoveries for investors, and an impressive 98% success rate.
If you believe you have been affected by this situation, do not hesitate to contact Haselkorn & Thibaut for a free consultation at their toll-free number: 1-800-856-3352. They operate on a “No Recovery, No Fee” policy, meaning you won’t be charged unless they successfully recover your losses.
Investing should be a safe and secure process. Be vigilant for red flags of financial advisor malpractice and don’t hesitate to seek legal help if you believe you’ve been a victim.
