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While Black violated Standard II(A) regarding the use of material non-public information he did not violate the fiduciary-duties Standard. While Cho did not violate the insider-trading standard because he came to his conclusions through the mosaic method, Watkins certainly did because he misappropriated the information. Martinez violated the Standard on material nonpublic information because he traded on information from Watkins which was misappropriated. Henderson did not violate the reasonable-basis Standard because she based her decision on The Wall Street Journal article thought to be a credible source of information. Sanders did violate the insider-trading Standard by issuing a sell recommendation based on the conference call before the information was made public and by trading in her personal account before a reasonable time had passed allowing others to place their trades after the information was made public