BEFORE THE UNITED STATES DISTRICT COURT 

FOR THE NORTHERN DISTRICT OF ILLINOIS, EASTERN DIVISION

INSIGHT SECURITIES, INC. a )

Delaware corporation and )

INTELLIGENICS, INC., a Delaware )

corporation, )

)

Plaintiffs )

) Case No. 

v. )

)

DEUTSCHE BANK TRUST COMPANY )

AMERICAS, a New York Corporation, )

)

Defendant. )

COMPLAINT

Plaintiff Insight Securities, Inc, a Delaware corporation (“Insight”) and 

Intelligenics, a Delaware Corporation (“Intelligenics) Legaspy (“Intelligenics”), by 

and through their undersigned attorneys, and for its Complaint against Defendant,

Deutsche Bank Trust Company Americas, a New York corporation (“DBTCA”),

stating as follows:

JURISDICTION AND VENUE

1. Insight is a non-public Delaware corporation with its principal place of 

business in Highland Park, Illinois where, in its capacity of a securities broker/dealer 

registered with the Financial Industry Regulatory Authority (“FINRA”), it executes 

orders for the purchase and sale of securities for its customers as well as providing 

custodial services.

2. Intelligenics is a Delaware non-public corporation with its principle 

place of business in Highland Park, Illinois and is the sole owner of Insight.

Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 1 of 41 PageID #:1
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3. DBTCA is a corporation incorporated under the laws of New York with 

its principal place of business at 60 Wall Street, New York, New York 10005 and 

operates as a bank, accepting deposits, makes loans, private and commercial banking 

services, and provides discretionary and non-discretionary investment management 

services (the “Services”) to private banking clients throughout the United States, 

including Illinois.

4. The activities alleged herein involving DBTCA occurred within its 

Miami Florida office. 

5. The amount in controversy exceeds $75,000 exclusive of interest and 

attorney’s fees.

6. This Court has jurisdiction over this matter pursuant to 28 U.S.C. § 

1332.

7. The account transfers at issue in this action originated in Illinois and 

were accepted by DBTCA’s agent for Depository Trust Corporation securities 

transfers, State Street Bank and Trust Company, Boston (“State Street”) and the 

damages suffered by Insight as a direct and proximate cause of DBTCA negligence 

regarding those transfers accrued in Highland Park, Illinois.

FACTS APPLICABLE TO ALL COUNTS

The Relevant Accounts

8. Rado Limited Partnership (“Rado”) is a limited partnership established 

under the laws of New Zealand, with its principal place of business in Auckland New 

Zealand.

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9. On or about March 24, 2011, Rado opened an account with DBTCA (“the 

Rado Account”).

10. Rado engaged Biscayne Capital S.A. (“Biscayne”) as its independent 

investment advisor and, in 2012, provided Fernando Haberer (“Haberer”), on behalf 

of Biscayne, with a limited power of attorney over the Rado Account.

11. On February 18, 2016, Rado executed a revised Partnership 

Authorization for the Rado Account, which included another limited power of 

attorney in favor of Haberer

12. Bralisol Associates, Ltd. (“Bralisol”) is British Virgin Islands entity with 

its legal address in Tortola, British Islands, that is owned by Ricardo J. Levi.

13. Bralisol opened an account with Insight on December 29, 2016 (“the 

Bralisol Account”).

14. Bralisol executed a power of attorney providing Total Advisors, LLC, a 

Cayman Islands investment advisor (“Total”) with the authority to enter orders for 

the purchase and sale of securities in the Bralisol Account.

15. Clodi Holdings, Ltd. is British Virgin Islands entity (“Clodi”) with its 

legal address in Tortola, British Islands.

16. Clodi opened an account with Insight (the “Clodi Account”) on January 

3, 2017.

17. Clodi, through its director, Amicorp Management Limited (“Amicorp 

Management”) executed a power of attorney providing Total with the authority to 

enter orders for the purchase and sale of securities in the Clodi Account.

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18. Maria De Los Angeles Aparain Borjas (“Aparain”) is a citizen of 

Argentina who opened an account with Insight in April 2017 (“the Aparain Account”).

19. Aparain executed a power of attorney providing Total with the authority 

to enter orders for the purchase and sale of securities in the Aparain Account.

20. At all times relevant hereto, Haberer controlled the activities of both 

Total and Biscayne and therefore had trading authority over the Bralisol, Asparin, 

and Clodi accounts at Insight as well as Rado’s DBTCA account.

The Overarching Ponzi Scheme

21. Haberer and his cohorts, including Frank Chatburn (“Chatburn”) were 

running a Ponzi scheme involving notes issued by Biscayne Capital entities, 

ostensibly to develop real estate in Florida, including the Florida Keys. These notes, 

known as the Biscayne Proprietary Products (“BPP”) were illiquid notes.

22. As Chatburn elocuted in his guilty plea in the criminal case filed against 

him in the United states District Court for the Southern District of Florida, Case No. 

18-20312:

Beginning in or around and between 2005 and 2007, several 

individuals, whose identities are known to the United States and the 

defendant, began operating three businesses (whose names are also 

known by the defendant and the government): (a) Financial Services 

Firm; (b) a luxury real estate development company in South Florida; 

and (c) several private investment funds held in the Cayman Islands. 

These three businesses, though separate, were connected in that 

Financial Services Firm sold shares of the Cayman Islands investment 

funds for the ostensible purpose of developing the real estate projects in 

South Florida. The defendant was a financial advisor for Financial 

Services Firm and, by at least in or around 2014, was an approximately 

8% shareholder.

Shortly after the three businesses were formed, in or around 

2007, the real estate projects began suffering financial difficulties 

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that worsened over the next decade. Despite knowing of the failing 

financial health, and eventual insolvency, of the real estate projects, 

the co-conspirator owners and certain Financial Services Firm 

employees, including the defendant, continued to raise new debt, 

purportedly for the development of real estate, by: (a) aggressively 

selling the worthless funds' shares; (b) making false and fraudulent 

statements to auditors, clients and others, regarding the financial 

health of these investments; and (c) omitting material information 

regarding the conflict of interest among the various business lines, 

among other things.

By the end of 2015, the beneficiary real estate project was at least 

approximately $200 million in debt and remained mostly undeveloped 

and unsold. The investment funds that were being raised were instead 

fraudulently used by the co-conspirators, including at the direction of the 

defendant: (a) to repay older debts; (b) to capitalize the consistently 

unprofitable businesses; and (c) for the co-conspirators own personal use 

and benefit. To perpetuate the investment fraud scheme, the coconspirators, at the direction of the defendant and others, would at times 

make interest payments to clients to deceive them into believing their 

investments were generating returns, when in fact their money was not 

invested in real estate and was not generating returns.

23. United States Of America v. Frank Roberto Chatburn Ripalda, Case No. 

18-20312 filed in the United States District Court for the Southern District of Florida, 

Document No. 213 (emphasis supplied). 

24. As part of this Ponzi scheme, between June of 2017 and the end of 

January 2018, Haberer caused $12,349,000 of BPP to be delivered to Rado’s DBTCA 

account and to be paid for by funds advanced by DBTCA, which was paid to entities 

controlled by Haberer and his cohorts.

25. The offsetting sales of different BPP from Rado’s account failed, 

ultimately placing the Rado account in an overdraft situation totaling $12,349,000 in 

its DBTCA. 

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26. In February 2018, DBTCA demanded, through Haberer, that Rado 

deposit funds or securities sufficient to pay Rado’s $12,349,000 overdraft.

27. To at least partially satisfy DBTCA’s demand that Rado repay its 

$12,349,000 overdraft, Haberer submitted four forged transfer instructions to 

Insight, one on March 8, 2018 for the Clodi account and three on March 15, 2018, one 

each for Clodi, Bralisol, and Borjas accounts.

28. All four forged transfer requests instructed Insight to deliver securities 

to the respective accounts of Clodi, Bralisol, and Borjas at Madison Assets, LLC 

(“Madison”) a Cayman Island registered broker-dealer, run by Gustavo Trujillo 

(“Trujillo”) another of Haberer’s cohorts who has since entered a guilty plea after the 

filing of a criminal information charging bribery and money laundering in the United 

States District Court for the Eastern District of New York, case no. 19-CR-134 (CBA).

29. Since the four transfer requests instructed Insight to transfer assets 

from the Clodi, Bralisol, and Borjas accounts at Insight to their respective same name 

accounts at Madison, Insight followed industry practice and processed the transfers 

as instructed.

30. The transfer requests required use of two companies that are used to 

transfer securities to non-FINRA members which can include foreign broker-dealers 

such as Madison as well as domestic and foreign banks and trust companies: (a) the 

Depository Trust Company (“DTC”) is a wholly owned subsidiary of The Depository 

Trust and Clearing Corporation, for securities traded in the U.S.; and (b) Euroclear 

is a Belgium-based financial services company for securities not traded in the U.S.

Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 6 of 41 PageID #:6
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31. DTC is a central securities depository and securities settlement system 

whose participants include brokers/dealers, banks, investment companies and 

similar entities that provides clearing, settlement and central securities depository 

services for trades in eligible securities including equities, corporate bonds, municipal 

bonds and money market instruments, such as commercial paper. DTC employs what 

is known as a DVP2 system in which the final settlement of securities occurs intraday 

while any transfer of funds occurs at days end. 

32. Euroclear is a Belgium-based financial services company that 

specializes in the settlement of securities transactions as well as the safekeeping and 

asset servicing of these securities that was founded in 1968 as part of J.P. Morgan & 

Co. to settle trades on the then developing Eurobond market.

33. The March 8, 2018 request for the Clodi account instructed Insight to 

transfer certain securities in Clodi’s account via a transfer through the Depository 

Trust Company (“DTC”) is a wholly owned subsidiary of The Depository Trust and 

Clearing Corporation. 

34. Euroclear is a Belgium-based financial services company that 

specializes in the settlement of securities transactions as well as the safekeeping and 

asset servicing of these securities. It was founded in 1968 as part of J.P. Morgan & 

Co. to settle trades on the then developing eurobond market.

35. Euroclear is used to effectuate transfers to non-FINRA members of 

securities not traded in the United States.

The March 8, 2018 Transfer of Securities From Clodi’s Insight Account

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36. On March 8, 2018, Haberer caused a transfer request for $5,140,000 in 

notational value of the securities in the Clodi Account to be submitted to Insight. The 

transfer request was purportedly signed by representatives of Amicorp Management. 

See Exhibit “A” hereto, which is incorporated by reference herein. 

37. All of the securities listed on the March 8, transfer request for Clodi’s 

Insight account except one were to be transferred via Euroclear. 

38. The one security in the Clodi Account to be transferred via DTC was: 

“US61746BDM54 MORGAN STANLEY FXD RT SR NT SER F 2.500% 01/24/19 B/E 

DTD 01/24/14 N/C 810,000.0000US61746BDM54 MORGAN STANLEY FXD RT SR 

NT SER F 2.500% 01/24/19 B/E DTD 01/24/14 N/C 810,000.0000” with “DTC# 987 

and “BJ60” specified in the DTC delivery instructions together with the declaration 

that the transfer was FFC (for the further credit) of “Clodi Holdings, Ltd. Account 

number AP***3”.

39. “DTC # 987” is the DTC clearing number for State Street, DBTCA’s 

clearing agent, while “BJ60” identifies that the incoming transfer is for DBTCA.

40. As herein previously alleged, since the March 8, 2018 transfer request 

was to send securities from Clodi’s Insight account to another Clodi account Insight 

processed the request including the DTC transfer of the above alleged $810,000 in 

Morgan Stanley notes through “DTC# 987” and for further credit to “Clodi Holdings, 

Ltd.” and specifying the receiving account number as AP***3 (emphasis supplied).

41. On information and belief, State Street received this DTC transfer from 

Insight’s clearing firm, Pershing, LLC (“Pershing”) and informed DBTCA that it had 

Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 8 of 41 PageID #:8
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received the $810,000 in Morgan Stanley notes for the benefit of or for the credit to

Clodi Holdings, Inc., account number A 3.

42. At the time DBTCA was on notice that, for at least six months, Rado 

lacked funds or additional securities to fund the securities purchases that generated 

the overdraft at DBTCA.

43. DBTCA also knew at the time it was informed by State Street that the 

above DTC transfer of securities had been received, that Clodi did not maintain any 

account at DBTCA and that account number A** **3 was nonexistent at DBTCA. 

44. DBTCA was therefore on notice that: (a) funds were being received for 

the benefit of and credit to a non-existent account DBTCA account and customer, 

DBTCA should have rejected the transfer; and (b) that Rado lacked the financial 

resources to fund the purchases ordered by Haberer.

45. DBTCA, failing to exercise due care and follow its anti-money 

laundering (“AML”) procedures, did not reject this DTC transfer but instead accepted 

the transfer of $810,000 in Morgan Stanley notes and deposited them in Rado’s 

DBTCA account. 

46. DBTCA subsequently ordered the sale of the $810,000 in Morgan 

Stanley notes and credited the proceeds to reduce the Rado Account overdraft.

47. On information and belief, DBTCA received, on or about March 9, 2018, 

virtually all of the remaining securities specified on the March 8, 2018 transfer

request that had been transferred via the Euroclear system which were also 

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transferred for the benefit of and credit to Clodi account AP***3, which, having failed 

to exercise due care, DBTCA accepted and deposited the securities in Rado’s account. 

48. DBTCA then sold the Euroclear transferred securities belonging to Clodi 

and credited the proceeds in further partial payment of the Rado Account overdraft.

49. Had DBTCA exercised due care and rejected the DTC attempted 

transfer of the $810,000 in Morgan Stanley notes, Haberer’s scheme to submit forged 

transfer instructions would have been uncovered, the securities (both those 

transferred via DTC and those transferred by Euroclear) would have been returned 

and Insight would not have processed any further requests received from Total with 

verification from the account holder that the transfer request was genuine.

50. As s result of DBTCA’ negligence in failing to reject the March 8, 2018 

transfers for the befit of and credit to Clodi, Haberer was able to submit three 

additional forged transfer requests.

The March 15, 2018 Transfer Requests

51. On March 15, 2018, Haberer caused three forged transfer requests to be 

delivered to Insight, one each for the Clodi Account, the Bralisol Account, and the 

Aparain Account. See, respectively, Exhibits “B”, “C”, and “D” hereto, which are 

incorporated by reference herein. 

52. Each transfer request directed Insight to transfer securities from the 

respective Insight account to a same name account of the Insight account holders at 

another institution. 

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53. Unaware of the forgeries, Insight proceeded to follow industry standard 

practice and process all three of these March 15, 2018 transfer requests.

54. The March 15, 2018 transfer request for the Clodi Account at Insight 

(Exhibit C hereto) specified the transfer via DTC of all the remaining securities in 

Clodi’s Insight account, which are listed on the transfer request with a total 

notational value of $707,450. 

55. The March 15, 2018 Clodi transfer instructions were to Clodi’s same 

name account, again specifying both State Street’s DTC clearing number, “DTC# 987” 

and specifying “BJ60” for further credit to “Clodi Holdings, Ltd.” for account number 

A 3. Id. (emphasis supplied).

56. DBTCA, once again failing to exercise due care, caused the above 

securities received on the March 15, 2015 via DTC transfer for the benefit of Clodi to 

be sold and the proceeds credited to reduce the Rado Account overdraft.

57. The March 15, 2018 transfer request for the Bralisol Account at Insight 

(Exhibit C hereto) specified the transfer via the DTC system of $1,301,397.60 in 

notational value of the following securities: 

a. 22,145 shares of UBS GROUP AG SHS 1SIN#CH0244767585

with a notational value of $408,575.60;

b. $200,000 in notational value of YPF SOCIEDAD ANONIMA SR 

NT REGS 8.500% 07/28/25; 

c. $200,000 in notational value of PETROBRAS GLOBAL FIN BV 

4.375% 05/20/23;

d. $127,000 in notational value of CITIGROUP INC NTS 5.900% 

09/09/88;

e. $200,000 in notational value of BANCO HIPOTECARIO SA 

ARGENTINA NT SER 29 REGS 9.750% 11/30/20; and

f. $120,000 in notational value of BOMBARDIER INC SR NT REGS 

6.125% 01/15/23.

Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 11 of 41 PageID #:11
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The transfer instructions were to Bralisol’s same name account, specifying State 

Street’s clearing number, “DTC# 987”, and specifying “BJ60” for further credit to 

“Bralisol Associates Ltd.” for account number A** **5. Id. (emphasis supplied).

58. DBTCA, failing to exercise due care, caused the $1,301.097.60 in 

notational value of the securities on the March 15, 2018 transfer for the benefit of 

Bralisol that was received by DBTCA via DTC to be sold and the proceeds credited to 

the Rado Account overdraft.

59. All of the securities on the Aparain March 15, 2018 transfer request to 

an Asparin same name account, except for the $150,000 in notational value of 

MUNICIPALIDAD DE LA CIUDAD DECORDOBA USO GLOBAL NT REGS 7.875% 

09/29/24, were transferred via DTC to DBTCA. These transferred securities had a 

notational value of $537,476. 

60. The transfer instructions for Brailsol also specified State Street clearing 

number, “DTC# 987”, and specified “BJ60” for further credit to “Bralisol Associates 

Ltd.” for account number A 5. See Exhibit D hereto (emphasis supplied).

61. DBTCA, failing to exercise due care, caused the $614,288.19 in 

notational value of the securities on the March 15, 2018 transfer for the benefit of 

Aparain received by DBTCA via DTC to be sold and the proceeds credited to the Rado 

Account overdraft.

62. The remainder of the securities specified in the Clodi, Borjas, and 

Aparain transfer requests were transferred via the Euroclear system and received by 

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DBTCA, who, failing to exercise due care, proceeded to sell those securities and credit 

the proceeds to the Rado Account overdraft.

63. Thus, the total amount of securities received by DBTCA from the forged 

March 8, 2018 transfer and the three forged March 15, 2018 transfers that were 

effectuated via DTC and Euroclear that DBTCA negligently accepted and the 

deposited in the Rado Account was $8,531,000.

COUNT I

(Negligence)

64. Plaintiff reallages Paragraphs 1 thru 3 and Paragraphs 8 through 63 as 

Paragraph 64 of this, Count I as fully set forth herein.

65. DBTCA is aware that securities brokerage firms and other financial 

institutions have an obligation to safeguard securities deposited with them and to 

only transfer or convey those securities upon the express direction of the owners of 

the accounts at those securities brokerage firms and other financial institutions.

66. Therefore, DBTCA has an obligation to process any transfer of securities 

effected through DTC transfer requests in strict accordance with the instructions 

specified in the transfer instructions received by DBTCA.

67. In processing transfers, DBTCA is obligated to adhere to its AML, knowyour-customer, and source of funds procedures, and the various federal regulations 

related thereto.

68. Therefore, when Insight sent the aforementioned March 8 and March 

15, 2018 DTC transfer requests for the benefit of Clodi, Bralisol and Asparin’s

Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 13 of 41 PageID #:13
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accounts, DBTCA was obligated to reject those transfers because neither Clodi,

Bralisol, nor Asparin maintained any accounts at DBTCA.

69. Moreover, because the aforementioned March 8 and March 15, 2018 

transfers were not same account name transfers, DBTCA was obligated pursuant to 

its AML, know-your-customer, and sources of funds procedures required under The 

Bank Secrecy Act, 31 U.S.C. § 5311, et. seq., 12 U.S.C. §§ 1892b and 1951-1959 to 

confirm the identity of the remitting account holder and the legitimate business 

purpose of such transfer.

70. DBTCA, therefore, failed to exercise due care in processing the aforesaid 

March 8 and 15, 2018 transfers.

71. It was reasonably foreseeable that, by failing to exercise due care in 

processing the aforesaid March 8 and 15, 2018 transfers and thus exercising control 

and dominion of the securities listed therein for the benefit of a third-party (Rado), 

DBTCA’s negligent acts would financially injure the firm that had custody of those 

assets and had initiated the transfers (Insight). 

72. Had DBTCA acted with reasonable care upon receiving the request to 

transfer “US61746BDM54 MORGAN STANLEY FXD RT SR NT SER F 2.500% 

01/24/19 B/E DTD 01/24/14 N/C 810,000.0000US61746BDM54 MORGAN STANLEY 

FXD RT SR NT SER F 2.500% 01/24/19 B/E DTD 01/24/14 N/C 810,000.0000” for the 

credit to or benefit of Clodi Holdings, Ltd., account number A** **3, DBTCA would 

have learned that the transfer instructions were forged and that this transfer and 

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that all of the transfers listed on the March 8, 2015 transfer were unauthorized and 

thus should have been rejected. 

73. Had DBTCA rejected the above March 8, 2018 DTC transfer, Insight 

would never had processed the March 15, 2018 transfer requests for the Clodi, 

Bralisol, and Clodi accounts.

74. DBTCA negligence in processing the aforesaid March 8 and 15, 2018 

transfers, did cause Insight to incur damages in excess of $100,000.

WHEREFORE, Plaintiff prays that judgement be entered for Plaintiff and 

against Defendant for an amount in excess of $100,000 as proven by the evidence plus 

all taxable costs.

COUNT I

(Conversion)

75. Plaintiff realleges Paragraphs 1 thru 3 and Paragraphs 8 thru 63 above, 

as Paragraph 75 of this, Count II, as though fully set forth above.

76. At the time that DBTCA received the aforementioned March 8 and 

March 15, 2018 DTC transfers for the credit to or for the benefit of the Clodi, Bralisol, 

and Aparain accounts as specified in the said transfers, DBTCA knew that the 

transferring firm, like all firms transferring securities, had legal custody over those 

assets and had an obligation to deliver any assets owned by Clodi, Braliso, and 

Asparin only upon their express direction.

77. On information and believe, DBTCA willfully ignored the express 

direction that the securities specified on the aforesaid March 8 and March 15, 2018 

DTC transfer instructions that the securities were for the credit to or the benefit of 

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specified non-existent DBTCA accounts for Clodi, Bralisol, and Aparain and exercised 

unauthorized control on the securities specified on those transfers with the intent to 

permanently deprive Clodi, Bralisol, and Asparin as owners of the securities and the

transferring firm as custodian for the securities.

78. As a direct and proximate result of DBTCA’s knowing exercise of 

unauthorized control over the securities transferred via the aforesaid March 8 and 

15, 2018 transfers, Insight has been injured in excess of $1,000,000.

III.

DECLARATORY JUDGEMENT

79. Plaintiff realleges Paragraphs 1 thru 3 and Paragraphs 8 thru 63 above, 

as Paragraph 79 of this, Count II, as though fully set forth above.

80. The Defendants negligent acts are the proximate cause of the losses 

incurred by the claimants in the Clodi, Bralisol, and Asparin arbitrations. 

81. Therefore, pursuant to the Illinois Joint Tortfeasors Act, 740 ILCS,

100/1, et seq., Insight is entitled to contribution for the percentage of any award 

entered against Insight in the Clodi, Bralisol, and/or Asparin arbitrations for the 

percentage of fault attributable to the Defendants acts and failure to act relating to 

the transfer alleged herein.

WHEREFORE, Plaintiffs, pray that 

A. Judgement be entered against the Defendant, jointly and severally, in the 

amount of at least $1,000,000 in compensatory damages, punitive damages 

proven by the evidence, and all taxable costs; and

B. Pursuant to 28 U.S.C. § 2201, that this Court declare the percentage of fault 

committed by the Defendants and further declare that the Defendants are 

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liable to Insight for that percentage of any award entered against it in the 

Clodi, Bralisol, and Asparin arbitrations. 

March 4, 2020 Respectfully submitted,

One of Defendant’s attorneys

Nicholas P. Iavarone, Esq.

The Iavarone Firm, P.C.

33 North LaSalle, Suite 1400

Chicago, IL 60602

(312) 63 7-9466

(800) 417-0580 (fax)

niavarone@Iavaronefirm.com

Laurence M. Landsman, Esq.

LANDSMAN LAW FIRM

33 N. LaSalle Street, Suite 1400

Chicago, IL 60602

(312) 251-1144

Larry@LandsmanFirm.com

Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 17 of 41 PageID #:17
Exhibit “A”

Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 18 of 41 PageID #:18
From: backoffice <backoffice@madisonadvisor.com> 

Sent: Friday, March 9, 2018 2:11 PM 

To: ProAdvisors Backoffice <backoffice@pro-advisors.net>; Dhimitri Agolli 

<dagolli@insightamericas.net>; Madison Advisor Contact <contact@madisonadvisor.com> 

Cc: Jennifer Mayer <JMayer@insightamericas.net>; Madison Advisor Contact 

<contact@madisonadvisor.com> 

Subject: RE: FREE DELIVERY AP 3 CLODI - OUR REF QGU 5 

Please for the below 

US61746BDM54 MORGAN STANLEY FXD RT SR NT SER F 2.500% 01/24/19 B/E DTD 01/24/14 N/C 810,000.0000

Please include BJ60, account 33- 1 in your delivery to DTC 987 

thanks 

From: backoffice 

Sent: jueves, 8 de marzo de 2018 4:16 p. m. 

To: ProAdvisors Backoffice <backoffice@pro-advisors.net>; Dhimitri Agolli 

<dagolli@insightamericas.net>; Madison Advisor Contact <contact@madisonadvisor.com> 

Cc: Jennifer Mayer <JMayer@insightamericas.net>; Madison Advisor Contact 

<contact@madisonadvisor.com> 

Subject: RE: FREE DELIVERY AP 3 CLODI - OUR REF QGU 5 

Please use for 

US61746BDM54 MORGAN STANLEY FXD RT SR NT SER F 2.500% 01/24/19 B/E DTD 01/24/14 N/C 810,000.0000

OUR SSI 

DTC 987 

BENEFICIARY : STATE STREET BANK AND TRUST CO. 

Thanks and regards. 

From: ProAdvisors Backoffice 

Sent: jueves, 8 de marzo de 2018 3:52 p. m. 

To: Dhimitri Agolli <dagolli@insightamericas.net>; Madison Advisor Contact 

<contact@madisonadvisor.com> 

Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 19 of 41 PageID #:19
Cc: Jennifer Mayer <JMayer@insightamericas.net>; backoffice <backoffice@madisonadvisor.com>; 

ProAdvisors Backoffice <backoffice@pro-advisors.net> 

Subject: Re: FREE DELIVERY AP 3 CLODI - OUR REF QG 5 

Team Madison 

Please advise 

Thanks, 

El 8 mar. 2018, a la(s) 14:40, ProAdvisors Backoffice <backoffice@pro-advisors.net> escribió: 

Team

Please provide your DTC instructions to deliver the below security:

US61746BDM54 MORGAN STANLEY FXD RT SR NT SER F 2.500% 01/24/19 B/E DTD 01/24/14 N/C 810,000.0000

OUR SSI

DTC: 0443

Beneficiary: Pershing LLC

Thanks, 

BACKOFFICE PRO ADVISORS LLC

De: Dhimitri Agolli [mailto:dagolli@insightamericas.net] 

Enviado el: Thursday, March 08, 2018 2:37 PM 

Para: ProAdvisors Backoffice 

CC: Jennifer Mayer 

Asunto: RE: FREE DELIVERY AP 3 CLODI - OUR REF QGU 5

 

Hello,

All positions listed on the LOA are held (and eligible for Settlement purposes) in the DTC market, with 

the exception of ISIN: XS126650862 – IA Capital Structures (Euroclear)

ISIN: US61746BDM54 – Morgan Stanley FXD RT, is held in the DTC market only and I don’t see 

alternative DTC instructions on the LOA. Also. please provide contact info for the Contra party.

Thank you.

From: ProAdvisors Backoffice [mailto:backoffice@pro-advisors.net] 

Sent: Thursday, March 8, 2018 8:40 AM 

To: Jennifer Mayer <JMayer@insightamericas.net>; Dhimitri Agolli <dagolli@insightamericas.net> 

Cc: Carlos Legaspy <carlos@insightamericas.net>; ProAdvisors Backoffice <backoffice@proCase: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 20 of 41 PageID #:20
advisors.net> 

Subject: RV: FREE DELIVERY AP 3 CLODI - OUR REF QGU 5 

 

Team

Please set up to DELIVER FREE OF PAYMENT

US94974BFU98 WELLS FARGO & CO NEW MEDIUM TERM SR NTS FIXED RATE NOTE SER L 

2.125% 04/22/19 B/E DTD 04/22/14 N/C 810,000.0000

US61746BDM54 MORGAN STANLEY FXD RT SR NT SER F 2.500% 01/24/19 B/E DTD 01/24/14 N/C 810,000.0000

US48127HAA77 JPMORGAN CHASE & CO SR NT 2.200% 10/22/19 B/E DTD 10/22/14 N/C 810,000.0000

US94974BFQ86 WELLS FARGO & CO NEW MEDIUM TERM SR NTS FXD RT SER L 2.150% 01/15/19 

B/E DTD 10/28/13 N/C 810,000.0000

US06051GFD60 BANK AMER CORP FXD RT NT SER L 2.650% 04/01/19 B/E DTD 04/01/14 N/C 800,000.0000

XS1246650862 IA CAPITAL STRUCTURES (IRELAND) PLC LKD TO ISHS MSCI EM MK REG S 

0.000% 07/05/35 REG DTD 07/06/15 CLB CALLABLE 1,100,000.0000

 

EC 44382 

BANK OF NEW YORK 

TD 3/8/18 

SD 3/9/16 

FFC CLODI HOLDINGS LTD #AP 3

BACKOFFICE PRO ADVISORS LLC

De: Madison Advisor Contact [mailto:contact@madisonadvisor.com] 

Enviado el: Thursday, March 08, 2018 11:24 AM 

Para: ProAdvisors Backoffice 

Asunto: RE: FREE DELIVERY AP 3 CLODI - OUR REF QGU 5

 

Please deliver to: 

 

EC 44382 

TD 3/8/18 

SD 3/9/16 

 

Rgds, 

 

MADISON ADVISORS 

 

From: ProAdvisors Backoffice <backoffice@pro-advisors.net> 

Sent: Thursday, March 8, 2018 9:01 AM 

To: Madison Advisor Contact <contact@madisonadvisor.com> 

Cc: ProAdvisors Backoffice <backoffice@pro-advisors.net> 

Subject: FREE DELIVERY AP 3 CLODI - OUR REF QGU 5 

 

Team 

 

We have instructions to deliver free of payment the below securities to your account AP 3: 

Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 21 of 41 PageID #:21
US94974BFU98 WELLS FARGO & CO NEW MEDIUM TERM SR NTS FIXED RATE NOTE SER L 

2.125% 04/22/19 B/E DTD 04/22/14 N/C 810,000.0000

US61746BDM54 MORGAN STANLEY FXD RT SR NT SER F 2.500% 01/24/19 B/E DTD 01/24/14 N/C 810,000.0000

US48127HAA77 JPMORGAN CHASE & CO SR NT 2.200% 10/22/19 B/E DTD 10/22/14 N/C 810,000.0000

US94974BFQ86 WELLS FARGO & CO NEW MEDIUM TERM SR NTS FXD RT SER L 2.150% 01/15/19 

B/E DTD 10/28/13 N/C 810,000.0000

US06051GFD60 BANK AMER CORP FXD RT NT SER L 2.650% 04/01/19 B/E DTD 04/01/14 N/C 800,000.0000

XS1246650862 IA CAPITAL STRUCTURES (IRELAND) PLC LKD TO ISHS MSCI EM MK REG S 

0.000% 07/05/35 REG DTD 07/06/15 CLB CALLABLE 1,100,000.0000

Our SSI

Euroclear 92146

Pls confirm you instructions together with TD and SD

Thanks, 

 

BACKOFFICE PRO ADVISORS LLC

 

Insight Securities, Inc. Member FINRA | SIPC | MSRB Insight Securities, Inc. does not accept 

orders or instructions without verbal confirmation and is not responsible for any 

recommendation, solicitation, offer or agreement or any information about any transaction, 

customer account or account activity contained in this communication. This message is intended 

only for the use of the individual or entity to which it is addressed, and may contain information 

that is privileged, confidential and exempt from disclosure under applicable law. If the reader of 

this message is not the intended recipient, or the employee or agent responsible for delivering it 

to the intended recipient, you are hereby notified that reading, disseminating, distributing or 

copying this communication is strictly prohibited. If you have received this communication in 

error, please notify us immediately by e-mail and delete the message and any attachments from 

your system. 

Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 22 of 41 PageID #:22
Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 23 of 41 PageID #:23
Exhibit “B”

Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 24 of 41 PageID #:24
From: ProAdvisors Backoffice [mailto:backoffice@pro-advisors.net] 

Sent: Thursday, March 15, 2018 11:46 AM 

To: Dhimitri Agolli <dagolli@insightamericas.net>; Jennifer Mayer <JMayer@insightamericas.net> 

Cc: ProAdvisors Backoffice <backoffice@pro-advisors.net>; Larry Rozas <lrozas@insightamericas.net> 

Subject: RV: FREE DELIVERY CLODI HOLDINGS LTD ACCT AP 3 our ref QGU 5 

Dhimitri 

Pls find below mail with CP to proceed with delivery 

Td: 03/15/2018 

Sd: 03/16/2018 

OUR SSI 

DTC: 0443 

Beneficiary: Pershing LLC 

CP SSI 

DTC 0987 

FFC BJ 60 FOR A/C GLOBAL PLUS ACCT 

FFC CLODI HOLDINGS LTD ACCT AP 3 

US87927VAF58 87927VAF5 150,000.0000 TELECOM ITALIA CAP GTD SR NT SER C ISIN#US87927VAF58 6.375% 11/15/33 B/E 

DTD 05/15/04 N/C 

USG2585XAA75 G2585XAA7 100,000.0000 CSN ISLANDS XII CORP NOTES 2010 GTD REG S ISIN#USG2585XAA75 7.000% 09/23/88 

B/E DTD 09/23/10 CLB CALLABLE 

US852060AD48 852060AD4 100,000.0000 SPRINT CAP CORP NT 6.875% 11/15/28 B/E DTD 11/16/98 N/C 

US472319AC60 472319AC6 150,000.0000 JEFFERIES GROUP INC NEW FXD RT SR DEB 6.250% 01/15/36 B/E DTD 01/26/06 N/C 

US78463X2027 78463X202 4,350.0000 SPDR INDEX SHS FDS EURO STOXX 50 ETF

US1729674242 172967424 3,100.0000 CITIGROUP INC COM NEW ISIN#US1729674242

US013817AQ48 013817AQ4 100,000.0000 ALCOA INC SR NTS FULLY EXCHANGED FROM CUSIP 013817AN1 5.870% 02/23/22 

B/E DTD 02/23/07 N/C 

Thanks 

BACKOFFICE PRO ADVISORS LLC 

De: Madison Advisor Contact [mailto:contact@madisonadvisor.com] 

Enviado el: Thursday, March 15, 2018 1:43 PM 

Para: ProAdvisors Backoffice 

Asunto: RE: FREE DELIVERY CLODI HOLDINGS LTD ACCT AP 3 our ref QGU 5 

Confirmed and agreed with the dates. 

Rgds 

MADISON ADVISORS 

Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 25 of 41 PageID #:25
From: ProAdvisors Backoffice <backoffice@pro-advisors.net> 

Sent: Thursday, March 15, 2018 11:58 AM 

To: Madison Advisor Contact <contact@madisonadvisor.com> 

Cc: ProAdvisors Backoffice <backoffice@pro-advisors.net> 

Subject: RV: FREE DELIVERY CLODI HOLDINGS LTD ACCT AP 3 our ref QGU 5 

Team 

We have instructions to deliver Free of Payment the below securities. Pls confirm if you agree with 

proposed TD and SD: 

Td: 03/15/2018 

Sd: 03/16/2018 

OUR SSI 

DTC: 0443 

Beneficiary: Pershing LLC 

YOUR SSI 

DTC 0987 

FFC BJ 60 FOR A/C GLOBAL PLUS ACCT 

FFC CLODI HOLDINGS LTD ACCT AP 3 

US87927VAF58 87927VAF5 150,000.0000 TELECOM ITALIA CAP GTD SR NT SER C ISIN#US87927VAF58 6.375% 11/15/33 B/E 

DTD 05/15/04 N/C 

USG2585XAA75 G2585XAA7 100,000.0000 CSN ISLANDS XII CORP NOTES 2010 GTD REG S ISIN#USG2585XAA75 7.000% 09/23/88 

B/E DTD 09/23/10 CLB CALLABLE 

US852060AD48 852060AD4 100,000.0000 SPRINT CAP CORP NT 6.875% 11/15/28 B/E DTD 11/16/98 N/C 

US472319AC60 472319AC6 150,000.0000 JEFFERIES GROUP INC NEW FXD RT SR DEB 6.250% 01/15/36 B/E DTD 01/26/06 N/C 

US78463X2027 78463X202 4,350.0000 SPDR INDEX SHS FDS EURO STOXX 50 ETF

US1729674242 172967424 3,100.0000 CITIGROUP INC COM NEW ISIN#US1729674242

US013817AQ48 013817AQ4 100,000.0000 ALCOA INC SR NTS FULLY EXCHANGED FROM CUSIP 013817AN1 5.870% 02/23/22 

B/E DTD 02/23/07 N/C 

Thanks, 

BACKOFFICE PRO ADVISORS LLC 

De: Dhimitri Agolli [mailto:dagolli@insightamericas.net] 

Enviado el: Thursday, March 15, 2018 12:15 PM 

Para: ProAdvisors Backoffice 

CC: Jennifer Mayer; Larry Rozas 

Asunto: RE: FREE DELIVERY QGU0 5 DTC/ECL 

Hello, 

All of the below listed securities are held in DTC. 

The transfer request is under review by Compliance and it will be processed once it has been approved. 

Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 26 of 41 PageID #:26
Thank you, 

Dhimitri 

From: ProAdvisors Backoffice [mailto:backoffice@pro-advisors.net] 

Sent: Thursday, March 15, 2018 9:16 AM 

To: Jennifer Mayer <JMayer@insightamericas.net>; Dhimitri Agolli <dagolli@insightamericas.net>; Larry 

Rozas <lrozas@insightamericas.net> 

Cc: ProAdvisors Backoffice <backoffice@pro-advisors.net> 

Subject: FREE DELIVERY QGU DTC/ECL 

Team 

We have instructions to Deliver Free of Payment the below securities. Please confirm if securities are 

held in DTC or Euroclear so we can contact the CP 

US87927VAF58 87927VAF5 150,000.0000 TELECOM ITALIA CAP GTD SR NT SER C ISIN#US87927VAF58 6.375% 11/15/33 B/E 

DTD 05/15/04 N/C 

USG2585XAA75 G2585XAA7 100,000.0000 CSN ISLANDS XII CORP NOTES 2010 GTD REG S ISIN#USG2585XAA75 7.000% 09/23/88

B/E DTD 09/23/10 CLB CALLABLE 

US852060AD48 852060AD4 100,000.0000 SPRINT CAP CORP NT 6.875% 11/15/28 B/E DTD 11/16/98 N/C 

US472319AC60 472319AC6 150,000.0000 JEFFERIES GROUP INC NEW FXD RT SR DEB 6.250% 01/15/36 B/E DTD 01/26/06 N/C 

US78463X2027 78463X202 4,350.0000 SPDR INDEX SHS FDS EURO STOXX 50 ETF

US1729674242 172967424 3,100.0000 CITIGROUP INC COM NEW ISIN#US1729674242

US013817AQ48 013817AQ4 100,000.0000 ALCOA INC SR NTS FULLY EXCHANGED FROM CUSIP 013817AN1 5.870% 02/23/22 

B/E DTD 02/23/07 N/C 

Thanks! 

BACKOFFICE PRO ADVISORS LLC 

De: ProAdvisors Backoffice 

Enviado el: Thursday, March 15, 2018 11:03 AM 

Para: 'Jennifer Mayer (JMayer@insightamericas.net)'; Dhimitri Agolli; Larry Rozas 

CC: ProAdvisors Backoffice 

Asunto: Positions QGU 5 DTC/ECL 

Team, 

Could you please confirm for QGU034045 positions which are DTC and which are EUROCLEAR? 

US87927VAF58 87927VAF5 150,000.0000

TELECOM ITALIA CAP GTD SR NT SER C 

ISIN#US87927VAF58 6.375% 11/15/33 B/E 

DTD 05/15/04 N/C 

USG2585XAA75 G2585XAA7 100,000.0000

CSN ISLANDS XII CORP NOTES 2010 GTD 

REG S ISIN#USG2585XAA75 7.000% 09/23/88 

B/E DTD 09/23/10 CLB CALLABLE 

US852060AD48 852060AD4 100,000.0000 SPRINT CAP CORP NT 6.875% 11/15/28 B/E 

DTD 11/16/98 N/C 

US472319AC60 472319AC6 150,000.0000 JEFFERIES GROUP INC NEW FXD RT SR 

DEB 6.250% 01/15/36 B/E DTD 01/26/06 N/C 

Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 27 of 41 PageID #:27
US78463X2027 78463X202 4,350.0000 SPDR INDEX SHS FDS EURO STOXX 50 ETF

US2254W0PH20 2254W0PH2 8,000.0000 

CREDIT SUISSE FIRST BOSTON MTG 

ACCEP CORP 2005-11 MTG PASSTHRU CTF 

CL 6.000% 12/25/35 B/E DTD 11/01/05 N/C 

US1729674242 172967424 3,100.0000 CITIGROUP INC COM NEW 

ISIN#US1729674242

USP09133BF89 P09133BF8 100,000.0000

BANCO CRUZEIRO DO SUL SA SUB NT 

REG S ISIN#USP09133BF89 8.875% 09/22/20 

B/E DTD 09/22/10 N/C 

USG6710EAF72 G6710EAF7 100,000.0000

ODEBRECHT FINANCE LTD GTD PERP NT 

REG S ISIN#USG6710EAF72 7.500% 09/14/88 

B/E DTD 09/14/10 CLB CALLABLE 

US126694PS13 126694PS1 79,000.0000 

CWMBS INC 2005-28 CHL MTG PASSTHRU 

CTF CL A-12 6.000% 12/25/35 B/E DTD 

10/01/05 N/C 

US05946XT605 05946XT60 71,000.0000 

BANC AMER FDG CORP 2005-7 MTG 

PASSTHRU CTF CL 3-A-9 6.000% 11/25/35 

B/E DTD 11/01/05 N/C 

US013817AQ48 013817AQ4 100,000.0000

ALCOA INC SR NTS FULLY EXCHANGED 

FROM CUSIP 013817AN1 5.870% 02/23/22 B/E 

DTD 02/23/07 N/C 

Thanks! 

BACKOFFICE PRO ADVISORS LLC 

Insight Securities, Inc. Member FINRA | SIPC | MSRB Insight Securities, Inc. does not accept 

orders or instructions without verbal confirmation and is not responsible for any 

recommendation, solicitation, offer or agreement or any information about any transaction, 

customer account or account activity contained in this communication. This message is intended 

only for the use of the individual or entity to which it is addressed, and may contain information 

that is privileged, confidential and exempt from disclosure under applicable law. If the reader of 

this message is not the intended recipient, or the employee or agent responsible for delivering it 

to the intended recipient, you are hereby notified that reading, disseminating, distributing or 

copying this communication is strictly prohibited. If you have received this communication in 

error, please notify us immediately by e-mail and delete the message and any attachments from 

your system. 

Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 28 of 41 PageID #:28
Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 29 of 41 PageID #:29
Exhibit “C”

Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 30 of 41 PageID #:30
Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 31 of 41 PageID #:31
Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 32 of 41 PageID #:32
Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 33 of 41 PageID #:33
Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 34 of 41 PageID #:34
Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 35 of 41 PageID #:35
Exhibit “D”

Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 36 of 41 PageID #:36
Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 37 of 41 PageID #:37
Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 38 of 41 PageID #:38
Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 39 of 41 PageID #:39
Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 40 of 41 PageID #:40
Case: 1:20-cv-01575 Document #: 1 Filed: 03/04/20 Page 41 of 41 PageID #:41