Igor Harlap (CRD #3125590) Has Customer Dispute Disclosures on FINRA BrokerCheck

Igor Harlap (CRD #3125590) is a broker with customer dispute disclosures on FINRA BrokerCheck. We reviewed his BrokerCheck report on March 25, 2026. It reflects two customer disputes. If you invested with Igor Harlap and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

Igor Harlap’s FINRA BrokerCheck Report reflects two customer dispute disclosures. Summaries of the disputes are below:

On December 30, 2025, claimants alleged Igor Harlap improperly recommended a concentrated position in structured notes and alternative investments. The matter is pending in FINRA Arbitration, case 25-02826. BrokerCheck lists alleged damages of $100,000 to $500,000.

On March 25, 2008, a customer alleged Igor Harlap did not explain the risks and illiquidity of auction rate securities and that the investment was unsuitable. The matter settled on December 23, 2008, for $1,750,000, with no individual contribution by Harlap. His broker statement says the firm repurchased the securities under a global agreement with regulators and that he did not contribute to the payment.

Rule Summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a reasonable basis for a recommendation. It also ties the recommendation to the customer’s investment profile, including risk tolerance and liquidity needs. Claims about concentrated positions often raise those issues.

Rule Summary #2: FINRA Rule 3110 (Supervision)

FINRA Rule 3110 requires firms to maintain a supervisory system and written procedures. Complaints about complex products can raise questions about review, oversight, and how the recommendation was supervised.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Igor Harlap:

Is currently registered with UBS Financial Services Inc. He has been registered there as an investment adviser since August 30, 2012, and as a broker since November 18, 1998.

Has passed the Securities Industry Essentials (SIE) exam. Igor Harlap has also passed Series 31 and Series 7. He has also passed Series 65 and Series 63.

BrokerCheck lists no prior securities firm registrations.

Kurta Law Can Help

If you have worked with Igor Harlap and you have concerns about your investments, Kurta Law may be able to help you evaluate your legal options. Our firm represents investors in FINRA arbitration and securities disputes nationwide. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Structured Products | Unsuitable Investments

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.