Ira Rosenberg is a dealing representative with Diversified Financial. At a charity fundraiser, Ira meets a potential new client, Karen Golden. Ira gives Karen his business card, which states that he has been approved by the Ontario Securities Commission to sell mutual funds.

During their conversation, Ira informs Karen that he has a 100% satisfaction guarantee policy with his clients. If his clients are not happy with their investments, Ira will buy back those securities and refund all their money.

Karen likes what she hears and agrees to purchase $50,000 of the Vector Hi-Tech Fund. Ira tells Karen that he knows the fund manager personally, and promises that she will double her money by next year.

What errors has Ira made in this scenario?