There has been a plethora of legislation since 2000 and despite the fact that 99.9% of advisers are perceived to doing the right thing by their clients, there's a few who tarnish the profession.
There is no excuse for stealing from clients.

The only way to stamp this kind of behaviour out is for government to make a minimum gaol sentence of 3 years for each $1m stolen or for each count the person has been found guilty of, which ever is the greater but each one to be served concurrently.
In other words, if $5M is stolen, it guarantees the perpetrator 15 years in the "slammer".

I'm sure some would be convinced that this is not the outcome they would prefer.