We find that approximately 30% of financial advisers in the United States are involved in misconduct, yet only about one-third of those are detected. Advisers involved in misconduct tend to be male, work in a "toxic" environment, change firms more often, pass fewer industry exams, and have less...

Decentralized exchanges (DEXs) are gaining popularity, allowing investors to trade cryptocurrencies through liquidity pools. We find that about 44% of major DEX liquidity pools are scams, resulting in approximately $1.5 billion in investor losses. Scammers display specific traits, including...