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Read MoreInsight’s Carlos Legaspy Allegedly Involved In $1-$5MM Losses
Investors allege that Highland Park, Illinois broker and investment adviser Carlos Legaspy (CRD# 2148751) was involved in conduct, including due diligence failures, that resulted in losses of $1 million to $5 million. According to records provided by the Financial Industry Regulatory Authority (FINRA), Legaspy is currently registered with Insight Securities.
Carlos Legaspy’s FINRA-maintained BrokerCheck report lists two pending customer complaints and three settled customer complaints against him.
The most recent complaint, filed in March 2021, alleges that as the service broker on the customers’ accounts at Insight Securities, Carlos Legaspy “should have been aware” that the securities in question “may turn out to be worthless,” and further that he and the firm “should have conducted further due diligence to identify that some of the outside investment advisors had previously been associated a firm that was subject to an SEC investigation.” The pending complaint alleges damages of $1 million to $5 million.
A complaint filed in 2019 alleged that as a control person at Insight Securities, he “participated in selling… worthless securities” in April 2017. The pending complaint alleges damages of $500,000. In a “Broker Comment” about the disclosure, Legaspy stated in part: “It appears that I have been named personally because as a control person of Insight, I am a target. I am not the registered rep on the account.”
A complaint filed in 2019 alleged that as a representative of Insight Securities, Carlos Legaspy was negligent in missing red flags of a fraudulent transfer by a third party advisors. The complaint reached a settlement of $810,000; a “Broker Comment” states that the “Claimant dismissed Legaspy of all claims with prejudice.”
Another complaint filed in 2019 alleged that he was negligent in missing red flags in a fraudulent transfer by third party advisors. The complaint reached a settlement in 2021 of $572,353; the “Broker Comment” notes that the “Claimant dismissed Legaspy of all claims without prejudice.”
A complaint filed in 2018 alleged that Legaspy, Insight Securities, Pershing LLC, and Deutsche Bank were all negligent in missing red flags of a fraudulent transfer of assets by third party advisors. The complaint, in which Legaspy was dismissed of all claims “without prejudice,” reached a settlement in March 2021 of $227,647.
According to records provided by the Financial Industry Regulatory Authority (FINRA), Carlos Legaspy holds 29 years of securities industry experience. He has been a broker with Insight Securities in Highland Park, Illinois since 2020, and an investment adviser with Precise Investment Management in Chicago, Illinois since 2016. His previous registrations include Insight Securities in Highland Park, Illinois; Investment Placement Group in San Diego, California; and Serfin Securities in New York, New York. He currently holds four state securities licenses. (Information current as of June 10, 2021.)
