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Steven Wade, CFA, writes an investment newsletter focusing on high-tech companies, which he distributes by e-mail to paid subscribers. Wade does not gather any information about his clients’ needs and circumstances. Wade has developed several complex valuation models that serve as the basis for his recommendations. Each month, his newsletter contains a list of “buy” and “sell” recommendations. He states that his recommendations are suitable for all types of portfolios and clients. Because of their proprietary nature, Wade does not disclose, except in general terms, the nature of his valuation models. He conducted numerous statistical tests of these models and they appear to have worked well in the past. In his newsletter, Wade claims that subscribers who follow his recommendations can expect to earn superior returns because of the past success of his models.
Wade violated all of the following CFA Institute Standards of Professional Conduct EXCEPT: A. Standard I(C), Misrepresentation. B. Standard V(B), Communication with Clients and Prospective Clients. C. Standard III(B), Fair Dealing. |