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Steve Jones is a portfolio manager for Gregg Advisors. Gregg has developed a proprietary model that has been thoroughly researched and is known throughout the industry as the Gregg model. The model is purely quantitative and screens stocks into buy, hold, and sell categories. The basic philosophy of the model is thoroughly explained to clients. The director of research frequently alters the model based on rigorous research—an aspect that is well explained to clients, although the specific alterations are not continually disclosed. Portfolio managers then make specific sector and security holding decisions, purchasing only securities that are indicated as "buys" by the model. Jones thoroughly understands the model and uses it with all of his clients. Jones is: A. violating the Standards in purchasing stocks without a thorough research basis and in not disclosing all alterations of the model to clients. B. not violating the Standards either in purchasing stocks without a thorough research basis or in not disclosing all alterations of the model to clients. C. violating the Standards in not disclosing all alterations of the model to clients, but not in purchasing stocks without a thorough research basis. |