A CFA distributes materials referencing his performance results since he is the only portfolio manager at the firm he founded. The presentation includes five years of performance, of which four years were with a previous employer. The presentation does not make a distinction between the first fous years with a previous employer and the most recent year of performance. Also included in the presentation are simulated results of a stock selection model the CFA developed and tested. The fact that the results are simulated is disclosed in the presentation. Has the CFA violated the Standards No yes, failing to disclose that four years of the performance were with another employer is a violation, but including simulated results is acceptable ves, talling to disclose that four wars of the performance were with another employer a violation and including simulated results is violation