How Many Bad Brokers are Out There? More Than You Realize

A survey on misconduct by financial advisers finds that nearly three-quarters of misbehaving brokers still have a job one year after being cited for wrongdoing.
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A survey on misconduct by financial advisers finds that nearly three-quarters of misbehaving brokers still have a job one year after being cited for wrongdoing. That’s according to a survey recently presented by three university professors. The results were reviewed by Susan Antilla, a columnist for TheStreet. ‘There are a lot of people out there who you really don’t want to have running your money,’ she said. ‘It’s pretty remarkable. You can become a broker with criminal records. And you can stay in the business despite lots and lots of problems.’ Antilla said nationwide, 7.3% of the brokers have black marks, according to the survey, which relied on public records kept by Finra, Wall Street’s self-regulatory operation.