UBS Advisor Igor “Gary” Harlap Faces FINRA Arbitration Over Structured Notes

FINRA BrokerCheck records indicate a pending customer dispute involving Igor “Gary” Harlap (CRD #3125590), a registered representative with UBS Financial Services Inc. in Philadelphia, Pennsylvania.

The claim, filed on December 30, 2025, marks a significant development for investors who worked with Mr. Harlap. The claimants allege that in 2025, Harlap improperly recommended a concentrated position in structured notes and alternative investments. The damages sought in this arbitration are reported to be between $100,000 and $500,000.

Understanding the Risks: Structured Notes and Over-Concentration

Structured notes are complex financial instruments that combine a bond with a derivative component. While they often promise “downside protection” or “enhanced yields,” they carry unique risks that are frequently misunderstood:

• Complexity: The payoff is tied to a specific formula based on an underlying asset (like a stock index or exchange-traded fund). If the formula isn’t met, investors can lose a significant portion of their principal.
• Credit Risk: These are unsecured debt obligations. If the issuing institution (such as a major bank) fails, the investor could lose their entire investment.
• Liquidity Issues: Structured notes are typically not traded on an exchange, making them difficult to sell before their maturity date.
• Over-Concentration: Financial advisors are generally required to diversify a client’s portfolio. Concentrating a large percentage of an investor’s wealth in a single, high-risk product category like structured notes can lead to devastating losses if that specific sector or product fails.

A Pattern of Allegations

This is not the first time Mr. Harlap has faced scrutiny regarding investment suitability. According to his BrokerCheck report, a previous customer complaint filed in 2008 alleged unsuitable recommendations in Auction Rate Securities (ARS). That matter resulted in a $1.75 million settlement, with the firm repurchasing the securities at par value.

While a pending claim is an allegation and not a proof of wrongdoing, the recurrence of “suitability” and “concentration” concerns suggests that investors who worked with Mr. Harlap should conduct a thorough review of their accounts.

Steps for Affected Investors

If you experienced losses in structured products or alternative investments recommended by Igor Harlap or UBS Financial Services, you should take the following steps:

1. Preserve Records: Save all account statements, trade confirmations, and any written communications (emails or letters) with your advisor.
2. Review Suitability: Assess whether the high-risk nature of structured notes aligned with your stated risk tolerance and investment goals at the time of purchase.
3. Evaluate Concentration: Check if a disproportionate amount of your portfolio was placed into a single type of investment.
4. Consult Legal Counsel: Securities arbitration through FINRA is a specialized process. Sonn Law Group focuses on investment fraud and recovery, helping investors determine if they have a viable legal claim to recover their losses.

The recent 2025 filing serves as a reminder that investors have the right to hold financial professionals accountable when recommendations fail to meet the “Best Interest” standard.