Investors Sue Insight Securities Over International Ponzi Scheme

Carlos Javier Legaspy of Highland Park Illinois a stockbroker currently employed by Insight Securities Inc. and an investment adviser representative of Precise Investment Management Inc. is the subject of a customer initiated investment related arbitration claim where the customer sought $500,000.00 in damages based upon accusations that the customer had been placed into worthless securities by Legaspy in April of 2017 when he was registered with Insight Securities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-03068 (Oct. 18, 2019).

FINRA Public Disclosure confirms that Legaspy has been identified in three additional customer initiated investment related disputes involving allegations of his wrongdoing while he was employed by Insight Securities. On August 13, 2018, a customer filed an investment related arbitration claim regarding Legaspy’s activities in which the customer requested $2,386,452.00 in damages founded on accusations of fraudulent transfer documents being submitted to Insight Securities and Pershing LLC to effect an asset transfer. FINRA Arbitration No. 18-02781. The claim alleges negligence by those firms and Legaspy.

Legaspy is also referenced in a customer initiated investment related arbitration claim where the customer sought at least $6,000,000.00 in compensatory and punitive damages supported by allegations of fraud in reference to corporate debt and asset backed debt products. FINRA Arbitration No. 19-00137 (Jan. 11, 2019). According to the claim, red flags which were presented by a third-party advisor’s asset transfer request had been negligently overlooked by Legaspy while at Insight Securities.

On February 13, 2019, another customer filed an investment related arbitration claim concerning Legaspy’s conduct in which the customer requested $2,765,000.00 in damages based upon accusations that the customer’s funds were moved to Madison Assets LLC in Cayman Islands through a third party advisor. The claim alleges fraud with respect to the transfer of the customer’s assets. According to the claim, the customer’s assets were invested in worthless notes. FINRA Arbitration No. 19-00474.

Legaspy has been registered with Insight Securities since June 20, 2002 and has been registered with Precise Investment Management since January 24, 2003.