Stoltmann Law Offices is investigating Adam Lopez, of Springfield, Illinois, who the State of Illinois has alleged swindled clients out of at least $403,000. According to a Temporary Order Of Suspension and Prohibition filed by the Illinois Securities Department, # 1800493, Lopez advised clients, including family members, to transfer funds out of their Country Capital controlled accounts and in order to participate in better investments, needed to then write checks to Lopez. This fraudulent conversion of his clients’ money also resulted in tax consequences for some of these clients because the money withdrawn was from tax-deferred IRAs.
On September 5, 2018, Country Capital discharged Lopez for cause, apparently related to this conversion scheme. Country Capital’s public disclosure found on FINRA BrokerCheck states that Lopez was “terminated due to termination by affiliated insurance companies for alleged violation of provisions in his insurance agent contract relating to obligations of honesty. Not securities related.” This self-serving public disclosure by Country Capital does not appear to be forthright. According to the allegations made by the State of Illinois, the recommendations by Lopez to sell certain investments and withdraw IRA funds clearly involve securities and goes well beyond mere dishonesty. Country Capital makes generic disclosures like this in order to deflect responsibility for supervising Lopez, which the complaint by the State of Illinois establishes, the company failed to do in any reasonable manner.
If you or someone you know lost money as a result of misconduct engaged in by former Country Capital financial advisor Adam Lopez, please contact our securities investor-protection law firm in Chicago for a free no obligation consultation with an attorney. We are a contingency fee firm meaning unless we recover money for you we do not get paid.