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| Oni Erobo, CFA, is the General Partner in a real estate development project and is responsible for completing the project within an 18-month period and within budget. Erobo is expected to receive equity of 20% if the project comes within budget. Concerned that project costs would escalate, the Limited Partners require Erobo to cap expenses at 15% above budget. Costs were within expectation up until the last month of construction when costs of imported lighting fixtures (accounting for roughly 5% of total costs) escalated by more than 50%. As a result, the overall return declined below the partners expected 35% ROI. Erobo did not inform the Limited Partners about the increased costs. Did Erobo violate the CFA Code of Ethics and Standards of Professional Conduct? A: No B:Yes, because returns are lower than expected by the Partners. C:Yes, because he did not disclose the increased costs to his Partners.Yes, because he did not disclose the increased costs to his Partners. |
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