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Glenarm Case Study (Refer to CFA Institute's Standards of Practice Casebook for details.)
Peter Sherman, CFA, has recently joined Glenarm Company after spending 5 years at Pearl Investment Management. He is responsible for identifying potential Latin American investments. Previously, Sherman held jobs as consultant for many Latin American companies and had plans to continue such consulting jobs without disclosing anything to Glenarm.
After resigning, but before leaving his employment at Pearl, Sherman had encouraged Pearl customers to move their accounts to Glenarm. He contacted accounts Pearl had been soliciting for business. He also contacted potential clients that Pearl had rejected in the past as too small or incompatible with the firm's business. Furthermore, he convinced several of Pearl's clients and prospects to hire Glenarm after he joined the company. He also identified materials from Pearl to take with him, such as:
A. solicitation of potential clients of Pearl--violation of Standard IV(A). B. leaving Pearl to join a possible competitor--violation of Standard IV(A), Loyalty to Employer. C. solicitation of clients while still employed by Pearl--violation of Standard IV(A). |