QUESTIONS 1 THROUGH 18 RELATE TO ETHICAL AND PROFESSIONAL STANDARDS.

15. David Bravoria, CFA, is an independent financial advisor for a high net worth client with whom

he had not had contact in over two years. During a recent brief telephone conversation, the

client states he wants to increase his risk exposure. Bravoria subsequently recommends and

invests in several high-risk funds on behalf of the client. Bravoria continues, as he has done in

the past, to send to his client monthly, detailed itemized investment statements. Did Bravoria

most likely violate any CFA Standards?

A. No.

B. Yes, with regard to investment statements.

C. Yes, with regard to purchasing venture capital funds.

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