According to a Wall Street Journal investigation published Thursday, more than 1,600 stockbrokers have failed to disclose to investors their past bankruptcy filings, criminal charges, and other violations—right under the noses of regulators. Even worse, these same brokers go on to rack up more punitive actions by regulators as well as client complaints than other brokers on average. The gap between what investors think they know about their brokers, and what the brokers actually reveal is significant, as investors trust these individuals with large sums of money. A spokesperson for the Finanacial Industry Regulatory Authority said, "We are deeply concerned by these reporting failures, which are inconsistent with the regulatory responsibility of both firms and their registered persons. This situation is unacceptable."