Sid Barnes is the senior most partner with Noble & Noble, a well-known brokerage firm. Bruce Lohmann is a senior partner

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Sid Barnes is the senior most partner with Noble & Noble, a well-known brokerage firm. Bruce Lohmann is a senior partner who reports to Barnes. Lohmann is anAIMR member while Barnes is not. Recently, N&N's research department identified a sterling investment opportunity and Barnes decided to allow some of the largest discretionary accounts to benefit from this first. He directed Lohmann to take the appropriate steps and in turn, Lohmann assigned Doug Jardine, a senior analyst, to complete the portfolio rebalancing. Doug, an AIMR member, informed Bruce and Barnes that such a course of action would be in violation of the AIMRStandard IV (B.3) - Fair Dealing. Barnes told him that he was not aware of any such code and that in any case, the firm had not adopted it. If Doug refuses to carry out the action but Lohmann does, which of the following is/are true?I. Barnes has violated the AIMR code.II. Lohmann has violated the AIMR code.III. Doug has violated the AIMR code by disobeying his superiors.

A. I, II and III
B. II only
C. I and III only
D. II and III only