Bad Boy Broker Study Shines Light For Regulators To Follow
Law360, New York (March 2, 2016, 10:51 PM EST) -- Getting sanctioned for misconduct in the brokerage industry is hardly the career killer many registered representatives fear.
According to a new academic study, advisers who have been accused of wrongdoing often pick up and move to different shops — and not infrequently to big firms, including Oppenheimer & Co., that harbor large populations of brokers with blemished records. It's a finding that industry experts say could inform future efforts to boost compliance culture and hold financial advisers to higher ethical standards.
In a paper published Feb. 26, titled "The Market for Financial Adviser Misconduct," professors at the University of Minnesota and...
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