In which of the following scenarios will the investment adviser be subject to criminal fraud...

An adviser owns the stock of TweedleDee Corporation and has issued a report recommending the stock as a “buy” without disclosing the fact that it owns the stock.

An adviser owns the stock of TweedleDee Corporation and has issued a report recommending the stock as a “buy,” disclosing the fact that it owns the stock

An adviser sells its shares of TweedleDee Corporation after issuing a report recommending the stock as a “buy.”

all of the above. It is considered criminal fraud for an investment adviser to make any recommendations on a security in which it has or plans to have a position.