Securities Arbitration Lawyers BlogFINRA Bars Broker Adam Lopez After Investigations Into Misconduct
Adam Michael Lopez (CRD#: 5562750) is a former registered broker who was last employed with Country Capital Management Company (CRD#:12060) of Springfield, IL, from 09/16/2008 through 09/21/2018. No current employment information is available. He has been in the industry since 2018.
Country Capital terminated Lopez on 9/21/2016 for violations of provisions in his insurance services contract. His actions were not related to securities, and his U5 termination form was later updated to include an investigation by a “domestic or foreign governmental body or self-regulatory organization with jurisdiction over investment-related business.”
Two governmental bodies were involved in investigating Lopez. On 10/1/2018, the Illinois Securities Department notified the firm that they were conducting an investigation related to Lopez. On 10/9/2018, the Illinois Department of Insurance launched its own investigation related to Lopez, which ultimately resulted in the revocation of his insurance license in the state.
FINRA began its own investigation on October 2, 2018, after the firm notified them of the investigations, allegations and Lopez’s termination. FINRA twice requested information from Lopez, who responded but did not provide adequate information to satisfy the request. Lopez stated through is attorney that he would no longer respond or provide any additional information. FINRA then issued an Acceptance, Waiver & Consent (AWC) letter, which both Lopez and his attorney signed. Lopez was indefinitely barred effective 12/17/2018.
Lopez is the subject of eight customer disputes, three of which are currently pending.
Two disputes filed on 10/24/2018 have identical claims of “fraud and conversion among other things.” No damages were requested. The second pending dispute was filed on 10/22/2018, alleging that Lopez “embezzled almost all of my money that I was told by [Mr. Lopez] had been invested.” This claim requests damages of $314,000.00.
In a sixteen-month period, Lopez allegedly misled one client regarding insurance product purchases, took checks from another client for an annuity purchase that did not exist, and twice committed “unauthorized conduct by Adam Lopez with regard to an affiliate bank’s managed account.” The cumulative settlements for these four cases total $314,084.37.
Did You Invest With Adam Lopez?
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