The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Adam Lopez. According to his publicly available FINRA BrokerCheck report, Adam Lopez has been the subject of multiple customer disputes.

Adam Lopez was an Illinois based securities broker. He worked in the securities industry for ten years. He spent his entire career registered with Country Capital Management Company (2008-2018). He is no longer working as a registered securities broker in any fashion.

The Allegations

  • In September 2018, multiple customers jointly alleged that they wrote personal checks to Adam Lopez to purchase variable annuities. However, there are no records of these transactions taking place. Lopez allegedly converted the customers’ funds. This case was settled for $111,996 in damages.
  • On October 5th, 2018, another customer alleged that they completed an application and wrote personal checks made out to Lopez for the purpose of purchasing a fixed annuity. However, there was no record of this transaction taking place. Lopez allegedly converted the customer’s funds. This case was settled for $44,369 in damages.
  • On October 22, 2018, a customer alleged that Adam Lopez engaged in unauthorized conduct regarding an affiliate bank’s managed account. This case was settled for $80,980 in damages.
  • Also on October 22, 2018, a customer alleged that Adam Lopez embezzled all of the funds he had invested with him. This case was settled for $359,846 in damages.
  • On October 24th, 2018, a customer alleged that Adam Lopez committed fraud and converted their funds. This case was settled for $1.4 million in damages.
  • On October 25th, 2018, a customer alleged that Adam Lopez misled her on three occasions into using distributions from her mutual fund account to purchase life insurance policies issued by an affiliate. This case was settled for $32,299 in damages.
  • In January 2019, a customer alleged that Adam Lopez engaged in unauthorized conduct in regards to affiliate fixed insurance products. This case was settled for $35,179 in damages. He became the subject of an identical complaint on this date. This case was settled for $156,435 in damages.
  • In December 2019, a customer alleged that Adam Lopez committed fraud and converted their funds. This case is presently pending. The customer is seeking $2 million in damages.

What Does This Mean?

Converting an investor’s funds is one of the most blatantly fraudulent acts a securities broker could ever commit. It can be executed in multiple different fashions, but often takes place under the guise of soliciting funds for a fictitious investment. The perpetrating broker, who had no intention of investing the solicited funds, then usually diverts the funds to a personal bank account for their own personal use. When investors hear stories like this, it makes them weary of trusting brokers as it makes them believe that their money may be stolen.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages. Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Adam Lopez, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.