Tom Wayne, CFA, is the portfolio manager of the Franklin City Employees Pension Plan in Thompson Investments. He recently completed thorough research about a chemical company and decided that the company's stock is significantly overvalued. Wayne places a large sell order for the company's thinly traded stock. Thompson Investments' trading desk takes a whole week to process the order, pulling the stock price to a 26-week low and the trading volume to four times the historic average. Has Wayne most likely violated the Standards of Professional Conduct
A. No.
B. Yes, because he distorted the price-setting mechanism of financial instruments.
C. Yes, because heartificially affected the trading volume significantly.