Stanley Crux, CFA, a portfolio manager at NWS Asset Management Ltd, calls a friend to join him for dinner. The friend, a financial analyst at D&M Corporation declines the invitation and explains that she is performing due diligence on Orca Electronics, a company that D&M is about to acquire. After the phone call, Crux searches the Internet for any news of the acquisition but finds nothing. Upon verifying that Orca is on NWS’s approved stock list, Crux purchases Orca’s common stock and call options for the NWS clients. Two weeks later, D＆M announces its intention to acquire Orca. The next day, Crux sells all of the Orca securities, giving the fund a profit of $ 3 million. According to the Standards of Practice Handbook, did Crux violate any CFA Institute Standards of Professional Conduct（）
A. No.
B. Yes, because he traded on material nonpublic information.
C. Yes, because he only purchased stock and options for selective clients, not all clients.
