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National Investment Fraud Lawyers

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Insight Securities, Inc. Broker Carlos Legaspy Accused of Fraud

Posted on Wednesday, May 20th, 2020 at 7:18 am    

Insight Securities Inc.

Erez Law is currently investigating Insight Securities, Inc. broker Carlos Legaspy (CRD# 2148751) regarding allegations of fraud. Legaspy has been registered with Insight Securities, Inc. in Highland Park, Illinois since February 2020 and previously with the firm from 2002 to September 2019.

Legaspy has been the subject of four customer complaints in 2018 and 2019, according to his CRD report:

October 2019. “Client is managed by a 3rd party advisor. Client alleges Insight and Mr. Legaspy participated in selling client worthless securities in April of 2017.” The customer is seeking $500,000 in damages and the case is currently pending. The complaint is regarding corporate debt and asset-backed debt.

February 2019. “Clients were managed by third party advisors. In Oct of 2018 Client alleges that the transfer documents were fraudulent and that Insight Securities, Mr Legaspy and Pershing LLC were negligent in missing the red flags of this transfer. Also alleges part of client funds invested in worthless notes.” The customer is seeking $2,765,000 in damages and the case is currently pending. The complaint is regarding corporate debt and asset-backed debt.

January 2019. “Clients were managed by third party advisors. In March of 2018 LOAs were submitted to transfer assets to another bank. Client alleges that the transfer documents were fraudulent and that Insight Securities, Mr Legaspy and Pershing LLC were negligent in missing the red flags of this transfer.” The customer is seeking $6,000,000 in damages and the case is currently pending. The complaint is regarding corporate debt and asset-backed debt.

August 2018. “Clients were managed by third party advisors. On March 15th, 2018 an LOA was submitted to transfer assets to another bank. Client alleges that the transfer documents were fraudulent and that Insight Securities, Mr. Legaspy, Pershing LLC, and Deustche Bank were negligent in missing the red flags of this transfer.” The customer is seeking $2,386,452 in damages and the case is currently pending. The complaint is regarding corporate debt and asset-backed debt.

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, Insight Securities, Inc. may be liable for investment or other losses suffered by Legaspy’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.