Javier Naselli, of Miami Florida, a stockbroker formerly registered with UBS Financial Inc., is the subject of a customer initiated, investment related FINRA securities arbitration claim seeking $5 million in damages alleging that Naselli, during the course of his association with UBS Financial Services, “implemented [an] illicit and unsuitable selling away scheme to invest in a biorefinery in Uruguay.”
Selling away, also known as private securities transactions, or undisclosed outside business activities occurs when a stockbroker engages or participates in the sale of securities to investors outside of the formal approval of the securities firm with whom they are associated.
As a general matter, stockbrokers are only permitted to engage in the solicitation or sale of investments and investment related products approved by their firm. However, quite frequently, stockbrokers solicit, participate, or directly engage in the sale of typically unregistered securities or investments without the approval and outside of the auspices of their firm. These investments may take on many forms, and may include the recommendation of an outside money manager, or a hedge fund, which may sometimes turn out to be a Ponzi scheme. Sometimes these outside investments may include off-shore securities, insurance trusts, stocks or ownership interests in small businesses, startup ventures, corporate debentures, mortgage notes, private placements, promissory notes, oil & gas interests, real estate partnerships, pre-IPO shares, and a variety of other investments.
The Guiliano Law Group, P.C.
For more than thirty years, our practice is limited to the representation of investors. If you believe that you have been the victim of misconduct or fraud, contact us for a free consultation or a confidential evaluation of your claim. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation For more information, contact us at (877) SEC-ATTY.
