The financial industry has never been known for its saint-like ways or its steely moral compass, especially in the wake of this most recent financial crisis. But a new survey reveals startling data not only about the level of unethical behavior within the industry, but also about individuals’ unwillingness to do anything about it.

The study, “Wall Street, Fleet Street and Main Street: Corporate Integrity at a Crossroads,” by Labaton Sucharow LLP, found the following:

• 24% of respondents reported a belief that financial services professionals may need to engage in unethical or illegal conduct in order to be successful
• 26% of respondents indicated that they had observed or had firsthand knowledge of wrongdoing in the workplace
• 39% of respondents reported that their competitors are likely to have engaged in illegal or unethical activity in order to be successful
• 30% of respondents reported their compensation or bonus plan created pressure to compromise ethical standards or violate the law, while 23% of respondents reported other pressures that may lead to unethical or illegal conduct
• 30% of respondents feel that the SEC/SFO effectively deters, investigates and prosecutes misconduct—despite the new leadership, record enforcement actions and new reforms; 29% of respondents feel the same way about FINRA/FSA
• And most troubling, 16% of respondents reported that they would commit a crime—insider trading—if they could get away with it

“It is shocking that four years after the global economic crisis began there continues to be a fundamental lack of integrity in the financial services industry,” said Chris Keller, partner and head of case development at Labaton Sucharow.

But this study does more than point out moral deficiencies plaguing the industry; it highlights the importance of the SEC Whistleblower Program, which is authorized to provide monetary rewards to those who come forward with “high quality, original information that leads to a Commission enforcement action in which over $1,000,000 in sanctions is ordered.” Eligible whistleblowers usually receive between 10 and 30% of the money collected.

The survey, however, found that only 44% of respondents were aware of this program.

In addition, one in five of the professionals surveyed weren’t sure of, or had serious doubts about, how their employers would handle a report of wrongdoing.

Based on this report, it seems we have a long way to go in terms of education, integrity and confidence in employers.