I worked in Enforcement for the regulators, prior to my time in compliance and regulatory complaints for two of the major firms. Known criminals from the pump and dump era kept getting jobs, kept doing criminal activity and many are still in the industry today. Maybe your "Clean" firm hasn't hired them but many, many do. Admittedly regulators are doing a much better job at keeping those with a criminal past out of regulated roles. Those crazy f***in' unregulated areas must be full of them now though.