Stanley Kumar is an influential research analyst covering small cap media companies for a sell side boutique with many hedge fund clients. Kumar learns from a usually reliable industry source that Marconi Radio’s most prominent on-air ‘talent’ may be defecting to join a satellite radio company. After previewing his report with the firm’s sales force, Kumar waits two trading days until the start of Marconi’s quarter-end ‘quiet’ period before releasing his research report. Marconi stock plummets on the report, and the firm’s hedge fund clients cover their short positions. Marconi later issues a press release announcing a new contract with its ‘talent.’ Kumar has violated the CFA Institute Standards of Professional Conduct by: