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You could just never have the results published in a journal, nobody would replicate them, you'd be shunned by the research community. People can have their university degrees revoked (bachelors, masters, or doctorates), lose licensure (if they have any kind, e.g. medical).
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The specific things you can't do are affiliate with a university, or accept grants from Respectable (capital-R) organizations. If you do either of those things, your ability to do research will be severely curtailed.
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Funding and publication are the two routes where you would find the restrictions collar you. If you either are internally funded or have some other income model, and if you don't intend to publish, then you're probably fine. Maybe being safety-certified for some things too.
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