Bad brokers don't leave the business; they just move on to a different firm.

That is one of the key findings of a study of broker misconduct by professors at the business schools of the University of Chicago and University of Minnesota. The study, "The Market for Financial Adviser Misconduct," reviewed broker disciplinary records from 2005 to 2015 stored in FINRA's BrokerCheck database, covering almost 4,000 securities firms employing about 640,000 brokers.

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