Springfield school board member Adam Lopez was arrested today and booked into the Sangamon County jail on five felony charges.
The charges include two counts of theft and three counts of financial exploitation of the elderly involving at least 11 victims, according to an indictment made public Wednesday. The total loss exceeds $1 million, according to a press release issued by Sangamon County state's attorney Daniel Wright. Bond was set at $1.5 million. Lopez, a former financial adviser whose term on the school board expires next spring, faces as much as 30 years in prison.
The investigation began in September, Wright wrote, the same month that Country Financial, a Bloomington insurance and financial services firm, terminated Lopez after receiving complaints from customers and discovering irregularities in accounts. Several of the alleged victims. who include relatives of Lopez, have sued him in Sangamon County Circuit Court, alleging that he took money with the promise that it would be invested.
Daniel Noll, Lopez' lawyer, said in a written statement that his client looks forward to telling his story to a jury and believes that he will be vindicated.
Contact Bruce Rushton at email@example.com.