Joe Turner, CFA attended a family barbecue over the weekend hosted by his wealthy uncle. While mingling during this event he overheard a discussion between three senior executives of Lowry Company, which included details of their upcoming IPO. The next day Joe mentioned this information to his brother Bob, who passed along the details of the IPO to his stockbroker, John Williams. At market opening John purchased a sizable amount of Lowry Company stock. Based on the above, which of the following statements is true()
A. Given that the IPO information was discussed publicly at the barbecue either Joe, bob, or John could have acted on this information without violating the Prohibition Against Use of Material Nonpublic Information Standard.
B. John violated the Prohibition Against Use of Material Nonpublic InformationStandard by trading on nonpublic information related to an upcoming IPO.
C. Joe did not violate the Code and Standard by passing on insider information related to an IPO to his brother.
