The study looked at how different types of misconduct affect people working in the U.S. securities industry. They found that customer-facing misconduct is punished, while regulator-facing misconduct is actually rewarded. More experienced workers face less punishment for customer-facing misconduct and less reward for regulator-facing misconduct. Male brokers are punished more for customer-facing misconduct later in their careers, but punished less for regulator-facing misconduct compared to female brokers.