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Barred Former Country Capital Management Company Broker Adam Lopez Investment Losses

Posted on Tuesday, April 28th, 2020 at 1:57 pm    

Country Capital Management Company

Were you the victim of former Country Capital Management Company broker Adam Lopez (CRD# 5562750)? Lopez was registered with Country Capital Management Company in Springfield, Illinois from 2008 to 2018, when he was terminated regarding, “Individual was terminated by Firm 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.”

In December 2018, FINRA barred Lopez after he consented to the sanction and to the entry of findings that he refused to provide FINRA with requested documents and information in connection with its investigation after it learned from his member firm, through the filing of an amended Form U5 that the firm had opened an internal review into Lopez’s conduct. According to FINRA, “The findings stated that the firm amended Lopez’s Form U5 to state that he was under investigation by a domestic or foreign governmental body or self-regulatory organization with jurisdiction over investment-related business. The amended Form U5 also stated that Lopez currently or at termination was under internal review for, and was discharged or permitted to resign after allegations were made alleging, fraud or wrongful taking of property, or violating investment-related statutes, regulations, rules or industry standards of conduct.”

In October 2018, the State of Illinois Department of Insurance revoked the registration of Lopez, regarding, “Alleged use of fraudulent, coercive, or dishonest practices, or demonstrated incompetence, untrustworthiness or financial irresponsibility in the conduct of business.” That same month, the opened an investigation into Lopez regarding, “The Firm has been informed that the Illinois Securities Department is currently conducting an investigation related to the individual.”

Lopez has been the subject of 10 customer complaints between 2018 and 2019, according to his CRD report:

December 2019. “Customer alleges fraud and conversion among other things.” The customer is seeking $2 million in damages and the case is currently pending. This complaint was regarding mutual funds.

January 2019. “Customer alleges unauthorized conduct by Adam Lopez with regard to an affiliate’s fixed insurance products.” The case was settled for $156,435.65. This complaint was regarding insurance.

January 2019. “Customer alleges unauthorized conduct by Adam Lopez with regard to an affiliate’s fixed insurance products.” The case was settled for $35,179.99. This complaint was regarding insurance.

October 2018. “Customer alleged Mr. Lopez misled her on three occasions into using distributions from her mutual fund account to purchase life insurance policies issued by an affiliate.” The customer sought $21,169.48 in damages and the case was settled for $32,299.58. This complaint was regarding mutual funds.

October 2018. “Individual alleges fraud and conversion among other things.” The case was settled for $1.4 million. This complaint was regarding mutual funds.

October 2018. “Individual alleged that Mr. Lopez “embezzled almost all of my money that I was told by [Mr. Lopez] had been invested.” The customer sought $314,000 in damages and the case was settled for $359,846.25.

October 2018. “Customer alleges unauthorized conduct by Adam Lopez with regard to an affiliate bank’s managed account.” The case was settled for $80,980. This complaint was regarding banking products other than CDs.

October 2018. “Individual alleged that they completed an application and wrote personal checks made out to the representative to purchase a fixed annuity from an affiliate. The fixed annuity issuing company has no record of this individual or the alleged transaction.” The customer sought $22,850 in damages and the case was settled for $44,369.14. This complaint was regarding variable annuities.

October 2018. “Customer alleges unauthorized conduct by Adam Lopez with regard to an affiliate bank’s managed account.” The customer sought $31,666.67 in damages and the case was settled for $32,737.85. This complaint was regarding banking products other than CDs.

September 2018. “Multiple family members jointly alleged that they were induced by the representative to purchase a variable annuity. The individuals wrote personal checks made payable to the representative. The Firm and the variable annuity issuing company have no record of the alleged transaction.” The customer sought $77,925.26 in damages and the case was settled for $111,996.51. This complaint was regarding variable annuities.

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Country Capital Management Company may be liable for investment or other losses suffered by Lopez’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.