Misrepresentation in Fund Performance Reporting

As a portfolio manager at a large investment firm, Jordan is preparing an annual report to share with clients and potential investors. In this report, Jordan includes performance figures for the fund he manages. However, instead of presenting the actual net returns, Jordan includes gross returns without disclosing necessary deductions such as fees and expenses. During a client meeting, he states that the fund has outperformed its benchmark over the last year based solely on these figures. Jordan is aware that this presentation could mislead clients about the actual performance of the fund.

Which of the following scenarios best describes Jordan's action in relation to the CFA Institute Code of Ethics and Standards of Professional Conduct regarding misrepresentation?