Ethical Implications of Prioritizing Personal Trades

A senior portfolio manager at a well-known investment firm receives a substantial bonus based on the performance of his portfolio over the year. To maximize his performance figures, he decides to execute a personal trade in a security he knows will be beneficial to his private investment account. The trade occurs just minutes before he places a significant buy order for his clients, knowing that the added demand will drive up the price. In this scenario, which of the following best describes the ethical implication of the manager's actions regarding client transactions?