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Investors Accuse InSight Securities Broker Carlos Legaspy of StockBroker Fraud & Negligence

Illinois-Based StockBroker Faces Four Pending Customer Disputes

Carlos Legaspy, a longtime broker and the owner of InSight Securities, is the subject of four pending customer disputes. All disputes are accusing him of fraud and/or negligence, including one claim seeking up to $6M in damages. 

If you are or were a customer of Legaspy’s or InSight Securities and you suffered substantial losses, contact our stockbroker fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm) right away so that we can help you explore your legal options. We work with investors throughout the US.

Detailed List Of The Four Pending Complaints Filed Against The Insights Securities Broker

In 2018, the claimant of a filed customer dispute is seeking nearly $2.4M in damages over the transfer of assets from one bank to another. The claimant is accusing InSight Securities, Deutsche Bank (DB), and Pershing Securities of ignoring red flags indicating that the transfer was fraudulent.

Another customer dispute, filed in early 2019, is claiming $6M in damages and makes similar allegations over the transfer of assets. The case again names Pershing Securities and InSight Securities.

A third pending customer claim filed just weeks later, also over a transfer, is seeking around $2.76M in damages and alleges that part of the claimant’s funds was placed in worthless investments. Once again, InSight, Legaspy, and Pershing are accused of stockbroker fraud and negligence in missing the red flags.

For all three disputes, the accounts were managed by third-party advisors and Carlos Legaspy is claiming that he and his firm had nothing to do with the alleged fraud.

The most recent complaint, filed last October, is seeking $500K damages. The client is also managed by a third party but blames Insight and Legaspy for taking part in selling securities that were worthless.

Inadequate Supervision Of An Investor’s Portfolio: Is This Grounds For A Claim?

Broker-dealers have a duty to properly supervise not just their brokers, but also activities involving their clients’ accounts. When a failure to supervise allows for stockbroker fraud or negligence to occur, a customer may have grounds for a securities fraud claim to recover their losses.

In addition to owning InSight Securities, Carlos Legaspy has been a broker for 28 years. He was previously a registered stockbroker with Investment Placement Group and Serfin Securities.

Get Legal Advice From Brokerage Firm Negligence Attorneys

SSEK Law Firm has spent the last 30 years recovering millions in losses for investors from negligent broker-dealers. Let us help you determine whether you have grounds for a claim against InSight Securities or any other firm. Contact us today for your free, no-obligation case consultation.

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