一、经典案例
案例 1：挪用客户资金（最严重）
基金经理在客户不知情的情况下，从客户全权委托账户转入个人账户 50 万元，一个月后转回。称"临时周转"。
违规清单： I(D) 欺诈 + III(A) 忠诚义务 + 可能刑事犯罪 一句话： 任何形式的客户资金挪用都是零容忍，无论金额大小、是否归还。
案例 2：简历造假
求职者声称拥有某知名大学 MBA 学位，实际只读了 1 年未毕业。
违规： I(D) 欺诈 + I(C) 虚假陈述 后果： 即使求职成功，日后被发现 → 解雇 + CFA 协会处罚
案例 3：安然式造假
CFO 创建特殊目的实体（SPV），将公司债务表外化，使财务报表看起来健康得多。
违规： I(D) 欺诈 + I(C) 虚假陈述 + 可能 II(B) 市场操纵 这是 CFA 准则最深的恐惧——系统性欺骗。
案例 4：酒驾
分析师酒后驾车被抓，血液酒精含量超标 2 倍。被定罪为轻罪。
分析： - 酒驾是犯罪行为 → 涉及违法 - 理性人会质疑"这人到底有没有判断力？" - 可能构成 I(D) 违规，因为反映了对职业判断力的质疑
案例 5：办公室不当行为
某高级分析师多次对实习生发表不当言论，并在年终评估中对拒绝其私人邀约的实习生给予不公正的低分。
分析： - 权力滥用 + 报复 → 反映个人诚信和品性 - 可能构成 I(D)："reflects adversely on professional reputation" - 也涉及雇主的职场行为准则
二、I(D) 的处罚框架
| 严重程度 | 行为例 | 典型 CFA 处罚 |
|---|---|---|
| 最严重 | 欺诈客户、挪用资金、庞氏骗局 | 终身禁入 |
| 严重 | 简历造假、伪造投资记录 | 吊销持证人资格 |
| 中等 | 醉驾、职场骚扰 | 停权 + 强制道德教育 |
| 轻微 | 工作中非故意的失职（非欺诈） | 警告信 / 道德教育 |
三、测试题
1. 基金经理从客户账户"临时借用"资金，一个月后归还。这：
A) 合规——已经归还
B) 违规——据为己有期间就是挪用，归还不影响违规性质
C) 仅影响客户关系
D) 仅需道歉即可
2. 求职时声称"毕业于某知名 MBA"，实际肄业。这涉及：
A) 仅 I(C) 虚假陈述
B) I(D) 欺诈 + I(C) 虚假陈述
C) 如果证明能力没问题就不违规
D) 仅道德问题，非 CFA 准则范围
3. 分析师酒驾被定罪。这最可能：
A) 与 CFA 准则完全无关——是个人生活
B) 可能触发 I(D)——理性人会质疑其判断力
C) 仅在造成他人伤害时才违规
D) 仅违反交通法规
4. 高级分析师利用职务对实习生进行骚扰和报复性评估。这：
A) 不是 CFA 准则问题——是 HR 问题
B) 可能构成 I(D)——权力滥用和报复反映职业品性
C) 仅违反 IV(A) 雇主忠诚
D) 如果未涉及金钱则不违规
5. I(D) 最严重的违规通常涉及：
A) 迟交报告
B) 客户资金欺诈和系统性欺骗
C) 工作中使用个人手机
D) 忘记参加合规培训
答案
- B — "借用"不改变挪用性质。归还只影响量刑，不影响违规认定。
- B — 简历造假 = 欺诈(I(D)) + 虚假陈述(I(C))。
- B — 酒驾定罪反映判断力缺失 → 可能触发 I(D)。
- B — 权力滥用和报复行为确实反映个人品性 → 触发 I(D)。
- B — 欺诈客户资金和系统性欺骗 = 零容忍，最重处罚。
下一课 L039：I(A)-(D) 专业性模块复习
1. Classic Cases
Case 1: Misappropriation of Client Funds (Most Severe)
A fund manager transfers $500,000 from a client's discretionary account to a personal account without the client's knowledge, returning it a month later. Claims it was a "temporary bridge."
Violations: I(D) fraud + III(A) loyalty + potential criminal offense In one line: Any form of client fund misappropriation is zero-tolerance, regardless of amount or whether returned.
Case 2: Resume Fraud
A job applicant claims to hold an MBA from a prestigious university; in reality, attended only 1 year and did not graduate.
Violation: I(D) fraud + I(C) misrepresentation Consequence: Even if hired, upon discovery → dismissal + CFA Institute sanctions
Case 3: Enron-Style Fraud
A CFO creates special purpose vehicles (SPVs) to move company debt off-balance-sheet, making the financial statements appear far healthier.
Violations: I(D) fraud + I(C) misrepresentation + possibly II(B) market manipulation This is the deepest fear of the CFA Code — systematic deception.
Case 4: DUI
An analyst is caught driving under the influence with a BAC twice the legal limit. Convicted of a misdemeanor.
Analysis: - DUI is a criminal act → involves breaking the law - A reasonable person would ask, "Does this person have any judgment at all?" - May constitute an I(D) violation as it reflects adversely on professional judgment
Case 5: Workplace Misconduct
A senior analyst repeatedly makes inappropriate comments to interns and gives unfairly low year-end ratings to an intern who declined a personal invitation.
Analysis: - Abuse of power + retaliation → reflects on personal integrity and character - May constitute I(D): "reflects adversely on professional reputation" - Also implicates employer workplace conduct policies
2. I(D) Sanction Framework
| Severity | Example Conduct | Typical CFA Sanction |
|---|---|---|
| Most severe | Client fraud, misappropriation, Ponzi scheme | Lifetime bar |
| Severe | Resume fraud, fabricating investment records | Revocation of charter |
| Moderate | DUI, workplace harassment | Suspension + mandatory ethics education |
| Minor | Non-intentional, non-fraudulent lapses at work | Warning letter / ethics education |
3. Practice Questions
1. A fund manager "temporarily borrows" funds from a client account and returns them a month later. This:
A) Is compliant — the funds were returned
B) Is a violation — the act of taking = misappropriation; returning does not change its nature
C) Only affects the client relationship
D) Only requires an apology
2. Claiming to be "a graduate of a prestigious MBA program" on a job application when having actually dropped out involves:
A) Only I(C) misrepresentation
B) I(D) fraud + I(C) misrepresentation
C) No violation if competence is otherwise proven
D) Only an ethical issue, not within the CFA Code's scope
3. An analyst is convicted of DUI. This most likely:
A) Is completely unrelated to the CFA Code — it is personal life
B) May trigger I(D) — a reasonable person would question the analyst's judgment
C) Is a violation only if harm to others resulted
D) Only violates traffic laws
4. A senior analyst uses their position to harass and retaliate in evaluations against an intern. This:
A) Is not a CFA Code issue — it is an HR issue
B) May constitute I(D) — abuse of power and retaliation reflect on professional character
C) Violates only IV(A) loyalty to employer
D) Is not a violation if no money was involved
5. The most severe I(D) violations typically involve:
A) Late report submissions
B) Client fund fraud and systematic deception
C) Using a personal phone at work
D) Forgetting to attend compliance training
Answer Key
- B — "Borrowing" does not change the nature of misappropriation. Returning only affects sentencing, not the violation finding.
- B — Resume fraud = fraud (I(D)) + misrepresentation (I(C)).
- B — A DUI conviction reflects a lack of judgment → may trigger I(D).
- B — Abuse of power and retaliation indeed reflect on personal character → triggers I(D).
- B — Fraud against client funds and systematic deception = zero-tolerance, maximum penalties.
Next L039: I(A)-(D) Professionalism Module Review