ccount shboard ourses Groups alendar 136 nbox istory Media Subject Outline Modules Announcements Discussions Quizzes Assignments Marks Media Gallery Roman Roy has a client who wants to increase his holdings of fixed-income securities. The client is open to all securities with very high investment- grade credit ratings and rates that are better than those on government secured notes. Roy recently read an article discussing the profitability and success of asset-backed securities. He searched the firm's list of available securities and recommended a particular issue solely on the fact that the issue was rated AAA with higher than government returns. The client purchases the issue. Several months after purchasing, the security missed a scheduled interest payment, followed by downgrades to credit ratings and ultimately a decline in the value of the investments. Which of the following statements is most likely true? O Roy violated the Standard on reasonable basis in relying solely on the security's investment