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I have not been put on paid leave as a cop, but I have heard of officers who have been put on paid leave while allegations of misconduct are investigated. I think it's important that all allegations are taken seriously and that officers are given a chance to defend themselves, but I also think that paid leave should be temporary and that the officer should be reinstated if they are cleared of any wrongdoing.
I haven't, but I know someone who has. It's a crappy feeling, waiting around to see if you're going to be cleared or not.