One thing with the securities industry specifically is that if you’re barred/banned, there is a record for pretty much the rest of your life I think. I can look up folks who I worked with (used to be in that industry) and see that they filed for bankruptcy, tried to engage in some illegal co-investing, got arrested for a felony and the result of it, etc…
It’s still a ton better than what’s out there for the real estate industry.
Lastly, like all industries, there are bad apples everywhere…even in our own families