The folks behind Spotlight and The Big Short are teaming up to bring us the next Oscar-worthy film about investing: “Hiding Misconduct.”

(OK, it’s a snarky joke but it makes the point.  Isn’t that the goal of communication?)

On a serious note the latest information on misconduct in the financial services industry offers a scathing indictment into the trustworthiness of the people to whom we entrust our finances.

A new working paper by business school professors at the University of Chicago and University of Minnesota found that 7% of financial advisors have been disciplined for misconduct. That’s a troubling mark for an industry that relies on the trust of clients.

Does 7% seem high? The authors would argue it’s too low. They consider the study to be conservative in measuring misconduct as it focused on just 6 of 23 categories of disclosure on FINRA’s BrokerCheck database that are considered “indicative of advisor misconduct.” Had other areas been explored results could have been much worse.

Although misconduct isn’t left unchecked (about half of advisors found to have committed misconduct are fired) it does little to weed these people out of our industry. About 44% of advisors who leave a job due to misconduct are hired by another firm within a year. Does this shuffling around of bad apples sound familiar?

Violations are not limited to small, “boiler room” operations. Many big firms are rife with scandal including Oppenheimer, Wells Fargo, UBS, Raymond James and Janney Montgomery Scott. Click here to view the top 10 firms with the highest misconduct rates.