Glenarm Case Study (Refer to CFA Institute 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:
Upon Sherman's joining Glenarm, which of the following acts did NOT violate the standards?
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Dissemination of Sherman's CFA credentials as a portfolio manager is not a violation as long as Standard VII(B) is adhered to. Others are incorrect because: Independent consulting without employer's consent is a violation of Standard IV(B), Additional Compensation Arrangements, Standard VI(A), Disclosure of Conflicts, Standard I(B), Independence and Objectivity, and Standard IV(A), Loyalty to Employer. Misappropriation of employer property and soliciting Pearl’s clients while still employed are also violations of Standard IV(A), Loyalty to Employer.
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