A Florida wealth-management firm that oversees $2.5 billion hires brokers who've had run-ins with the law or regulators. Some of the brokers reported minor infractions, such as shoplifting as a teenager, while others faced enforcement actions from groups like the Financial Industry Regulatory Authority. The midsize firm's strategy — which industry headhunters say is unique — helps it broaden the talent pool, according to its founder. One would-be broker stole two hot dogs while drunk in...

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