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David Andrews, CFA, is an investment manager at Aldona Investments. Aldona secures a block of stock in an oversubscribed initial public offering (IPO). Andrews decides to prorate the issue to all fee-paying accounts for which it is suitable, including the accounts of his immediate family members. Has Andrews violated the Standard relating to fair dealing?
A
No
B
Yes, by prorating the issue to all subscribers.
C
Yes, by including immediate family members in the transaction.