We represent investors pursuing allegations of investment losses tied to former UBS Financial Services Inc. broker Javier Naselli. In July 2026, we filed a FINRA arbitration claim on behalf of two related groups of investors f who lost millions of dollars after Naselli allegedly steered them into an unapproved investment tied to a biorefinery project in Uruguay.
What Happened With UBS Broker Javier Naselli?
Naselli worked as a financial advisor at UBS from 2011 to 2024, based out of the firm’s New York offices. According to our claim, he used his position at UBS to recruit clients into a private investment in Essential Energy USA Corp., a company working to build a renewable diesel and sustainable aviation fuel plant in Uruguay through Advanced Fuels Energy Holding, a related entity that served as the investment vehicle.
Our allegations state that Naselli told clients the investment was strong and would grow once the plant reached production. We allege the investment was decimated after the project could not secure financing.
What Is Selling Away, and How Does It Apply to This Case?
Selling away happens when a broker sells or recommends an investment outside the products approved by their firm. FINRA Rule 3280 requires a broker to give written notice to their firm before taking part in any private securities transaction, and firms must review and approve those transactions before a broker moves forward.
We allege Naselli recommended, sold, and took part in the biorefinery investment without UBS approval and without the required written notice. Because UBS never reviewed the deal, we argue the firm could not perform the due diligence normally required before a broker recommends a private placement to a client.
Because the transaction was never disclosed or approved, we allege it was per se unsuitable, meaning UBS had no opportunity to evaluate whether the investment fit its clients’ objectives before the money moved.
FINRA’s suitability rule, Rule 2111, requires a broker to have a reasonable basis for believing a recommended investment fits a client’s profile before recommending it.
How Did UBS Fail to Supervise Javier Naselli?
Brokerage firms carry a legal duty to supervise their registered representatives and catch red flags before client harm occurs, and our allegations center on UBS’s failure to meet that duty.
UBS failed to supervise Naselli despite warning signs, and that his conduct with these clients was not an isolated incident. We believe Naselli ran a similar scheme with other UBS clients during the same period.
What Role Did Off-Channel Communications Play in the Case?
UBS has already been penalized by federal regulators for this exact pattern of conduct. In a September 2022 order, the U.S. Securities and Exchange Commission (SEC) fined UBS $125 million after finding that UBS employees, including senior supervisors, routinely communicated with clients over personal text messages and apps like WhatsApp instead of firm-monitored channels.
The SEC found the failure was firm-wide and spanned multiple levels of authority. You can read the full release from the SEC.
We allege Naselli’s off-channel communications with these clients began around the same time as that SEC order and continued for years afterward, well past the end of his employment with UBS. We argue that UBS knew about this exact compliance failure across its workforce and still did not stop Naselli from communicating with clients the same way.
Who Is Javier Naselli?
Naselli is a native of Argentina who has worked in the U.S. brokerage industry since 1993. UBS terminated his employment in June 2024, and he was not registered with another broker-dealer until July 2025. Investors can look up a broker’s registration history, employment record, and any disclosed complaints through FINRA BrokerCheck, a free public tool.
How Can Investors Who Worked With Javier Naselli File a Claim?
Member firms are responsible for supervising a broker’s conduct while that broker is registered with the firm.
Based on the allegations in our claim, if you invested through Javier Naselli while he worked at UBS, particularly in Essential Energy USA Corp., Advanced Fuels Energy Holding, or the related biorefinery project in Uruguay, UBS may bear responsibility for the resulting losses.
Our claim asserts breach of fiduciary duty, negligence, negligent supervision, fraud, and breach of contract against UBS, and seeks damages, punitive damages, interest, costs, and attorney’s fees. We have also requested an all-public arbitration panel to hear the case.
We represent investors nationwide in claims against brokers and brokerage firms on a contingency fee basis, meaning you pay no upfront legal fees. We generally accept cases involving losses of $150,000 or more.
If you believe you were affected by this broker’s conduct, call 888-293-3445. You can also complete the contact form on our website to request a free case review.