Gary Harlap Investor Complaint Alleges $100,000–$500,000 in Losses Involving UBS Advisor

Gary Harlap, a Philadelphia-based financial advisor with UBS Financial Services, is currently the subject of a pending investor complaint involving allegations of improper investment concentration.

The Allegations: Over-Concentration in Complex Products

According to his December 2025 FINRA BrokerCheck record, a client alleges that Mr. Harlap recommended a disproportionately large position in structured notes and alternative investments.

• Status: Pending
• Alleged Damages: $100,000 – $500,000
• Core Issue: Failure to diversify, leading to significant portfolio risk.

Past Regulatory History

This is not the first time Mr. Harlap’s recommendations have come under scrutiny. In 2008, a complaint was filed regarding unsuitable recommendations in auction rate securities. That matter was resolved when UBS repurchased the securities at par value for approximately $1.75 million.

The Risks of Investment Concentration

Investment concentration—often called “putting all your eggs in one basket”—occurs when a portfolio is overly weighted in a single asset class or issuer. While structured notes can offer specific payouts, they often come with high fees and liquidity risks. FINRA guidelines emphasize that:

1. Diversification is essential to mitigate market volatility.
2. Liquidity reviews are necessary for complex alternative investments.
3. Rebalancing should occur regularly to ensure a portfolio stays within the client’s risk tolerance.

About Gary Harlap

With 27 years of experience in the securities industry, Mr. Harlap has been with UBS Financial Services since 1998. He holds several industry licenses (Series 7, 63, 65, and 31) and is registered to practice in states including PA, NY, NJ, FL, and CA.

Are You Impacted? If you have suffered losses due to investment over-concentration or unsuitable advice, you may have legal options to recover your funds through FINRA arbitration.