Gary Harlap: $100K-$500K Complaint Against UBS Advisor

Philadelphia, Pennsylvania financial advisor Gary Harlap (CRD# 3125590) allegedly improperly concentrated a customer’s investments, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with UBS Financial Services.

Mr. Harlap’s BrokerCheck report discloses two investor complaints. The most recent, filed in December 2025, alleges that as a representative of UBS Financial Services, he “improperly recommended a concentrated position in structured notes and alternative investments.” The pending complaint alleges damages between $100,000 and $500,000.

An earlier investor complaint, filed in 2008, alleged that as a representative of UBS Financial Services, he recommended unsuitable investments in auction rate securities. The complaint settled with the firm’s repurchase of the securities at par value, for $1.75 million.

Over-concentration, also known as concentration or failure to diversify, denotes a broker’s failure to invest a client’s portfolio among a range of assets, mitigating the investor’s risk if any one investment or class experiences losses. “A diversified portfolio,” FINRA states, “tends to be harder to achieve than simply following the mantra: don’t put all your investment eggs in one basket.” FINRA recommends investors avoid the risks of over-concentration by ensuring that their portfolios are diversified across and within major asset classes; by rebalancing their portfolios on a routine basis; by looking closely at the mutual funds and exchange-traded funds in their holdings; and by keeping track of their investments’ liquidity.

According to the Financial Industry Regulatory Authority, Gary Harlap holds 27 years of securities industry experience. Based in Philadelphia, Pennsylvania, he has been registered as a broker and an investment advisor with UBS Financial Services since 1998 and 2012, respectively. His credentials include the passage of five securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the General Securities Representative Examination, or Series 7; and the Futures Managed Funds Examination, or Series 31. He is licensed in Arizona, California, Colorado, Florida, Massachusetts, New Jersey, New York, Pennsylvania, and Virginia. (Information current as of February 1, 2026.)

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