Adam Lopez indicted on additional charge of financial exploitation

SPRINGFIELD, Ill. (WAND) - A former Springfield school board member will serve over a decade in prison for theft. 

Adam Lopez, who formerly served on the Springfield school board as president and vice president , was charged with counts of theft, financial exploitation of the elderly and financial exploitation of a person with disabilities. He was arrested in November of 2018. 

Authorities said Lopez took unauthorized control of over $1 million that had been entrusted to him for looking after as an investment professional. Investigators said he was "intending to deprive such individuals permanently of the funds." 

Lawsuits have been filed by family members of Lopez, including his uncle, aunt and cousin, against him and Country Financial. The aunt and uncle claimed Lopez was part of a scheme to "deceive and defraud" them of at least $800,000 in retirement savings. 

Lopez was fired in September of 2018 from Country Financial. 

He pleaded guilty to theft and was sentenced Tuesday to 11 years in prison. He was credited for 965 days served at the Sangamon County Jail. 

A judge granted restitution in favor of Country Financial of over $1.5 million. Lopez agreed to forfeit property, including sports memorabilia and a boat, which will be liquidated and go toward restitution. 

A judge will figure out how much Lopez will have to pay out of pocket toward restitution after he finishes his prison sentence. 

This story has been updated to reflect the correct amount of credit for time served that Lopez received. 

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