The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that Broker Igor Harlap (Harlap), currently employed by UBS Financial Services INC. has been subject to at least one disclosable event. These events include one customer complaint. According to records kept by The Financial Industry Regulatory Authority (FINRA), Harlap’s most recent customer complaint alleges that Harlap recommended unsuitable investments in structured products and makes allegations concerning misconduct relating to the handling of the customer’s accounts.
FINRA BrokerCheck shows a pending customer complaint on December 30, 2025.
Allegations as stated by Claimant (include time frame of the alleged activity): 2025\, Time frame: Claimants allege their financial advisor improperly recommended a concentrated position in structured notes and alternative investments.
Structured products are a class of derivative products that derive their performance from market linked data. A structured product is commonly tied to a reference index that determines its market risk. The source may be a single security, a collection of securities like a market index, commodities, interest rates, or a real estate loan portfolio. The variety of products that can be structured demonstrates the difficulty in formulating a single unified definition of a structured product.
Structured products typically offer less attractive risk/return profiles than conventional debt or equity investments, as issuing firms—mainly large banks—capitalize on the difference between investor returns and the earnings from issuing structured notes, after subtracting commissions and fees paid to brokers. Due to the complexity of these products most investors will lack the ability to understand the merits of these investments or compute the probabilities of return versus loss. Many brokers falsely present these investments as fixed income or bond equivalents with capital return. Structured products pose a greater risk of loss than corporate debt and other fixed-income alternatives, making them an inappropriate choice for fixed-income recommendations.
Recently, firms have begun selling redeemable structured notes often linked to a single investment or a basket of investments. Examples of structured products linked to single securities illustrate the high risks involved without offering meaningful advantages. Our firm assessed a structured note linked to Peloton’s stock that provided investors with 1.0625% interest per month (12.75% annually) and another note tied to Zillow’s stock, offering a 12% annual interest paid monthly, conditional on the stock prices maintaining a level above the referenced value. Only if both stocks depreciate by nearly 40% would the interest payment be entirely removed. In addition, if the stocks lost more than approximately 40% of their value then the investor would also lose their corresponding principal based upon the performance of the stocks and could lose their entire investment. Further, the notes were callable and could be cancelled by the sponsor.
These products are very high risk and low reward propositions because the investor can only profit at most by 12-12.75% over the course of one year. Even if Peloton or Zillow doubled in value all the investor could achieve would be the interest payment as their profit and none of the price appreciation. Meanwhile the maximum loss is 100% of the investment if the stocks fell severely. Accordingly, the investor takes dramatic downside risks associated with the volatile stocks while having no chance to participate in the success of the stock.
According to newsources, a study revealed that 7.3% of financial advisors had a customer complaint on their record when records from 2005 to 2015 were examined. Brokers must publicly disclose reportable events on their BrokerCheck reports that include customer complaints, IRS tax liens, judgments, investigations, terminations, and criminal cases.
Harlap entered the securities industry in 1998. Harlap has been registered as a Broker with UBS Financial Services INC. since 1998.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.