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saveliy_v [14]
3 years ago
15

One of your fellow investment adviser representatives (iar) at your firm recently came to you and asked for a loan. you couldn't

afford to give him the loan, but two days later you overheard him on the phone asking a client for the same loan. the client informs the iar that he also does not have the cash available so the iar recommends to the client that he sell a mutual fund and loan the rr the resulting proceeds. the uniform securities act governs such actions and by performing these actions, the iar has:
Business
1 answer:
brilliants [131]3 years ago
4 0

The Uniform Securities Act governs such actions and by performing these actions, the IAR has:

Performed an unethical business practice

Broken his fiduciary duty and created a conflict of interest

The Model Rule on Unethical Business Practices does not allow the loaning or borrowing of a client and an investment advisory representative or IAR because this may constitute a conflict of interest.

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Explanation:

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Cash flow to creditors = 2018 Interest expense less net new borrowing

= $255,000 - $340,000

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